کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10474950 | 928860 | 2005 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Observed versus theoretical prices under price limit regimes
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
استراتژی و مدیریت استراتژیک
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چکیده انگلیسی
Theory predicts that in exchange-rate target-zone there exists an S-shape relation between observed and theoretical prices due to the credibility and intervention assumptions. Given the similarity between price limits and exchange-rate target-zone, we demonstrate that the credibility and intervention assumptions do not necessarily hold in markets regulated by price limits. Consequently, an S-shape relation between observed and theoretical prices may not always exist because a fundamentals shock known to all traders should yield a triangle-shape relation. Our study implies that the price-limit mechanism can have no effect (under a transitory shock), be stabilizing (under a fundamentals shock and information differentiation), or slow down the price-change pace (under a fundamentals shock and information homogeneity).
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economics and Business - Volume 57, Issue 3, MayâJune 2005, Pages 208-237
Journal: Journal of Economics and Business - Volume 57, Issue 3, MayâJune 2005, Pages 208-237
نویسندگان
Tamir Levy, Joseph Yagil,