dc.contributor.author | Becker, Ralf | |
dc.contributor.author | Fischbacher, Urs | |
dc.contributor.author | Hens, Thorsten | |
dc.date.accessioned | 2006-07-13T08:50:31Z | |
dc.date.available | 2006-07-13T08:50:31Z | |
dc.date.issued | 2003-10 | |
dc.identifier.issn | 1500-4066 | |
dc.identifier.uri | http://hdl.handle.net/11250/163723 | |
dc.description.abstract | The paper investigates the effect of interest policy on price bubbles, trading behavior and portfolio choice in experimental stock markets. A series of experiments has 8 participants trade an asset over 15 periods. Alternatively, the participants can invest money in interest-bearing bonds. Treatment groups are subjected to an endogenous interest policy, while control groups experience a constant interest rate. Our stock markets are characterized by bubbles. While we observe a small positive impact of our interest policy on bubbles, the policy also strongly increases market volatility. On the other hand, concerning portfolio choice, we find evidence for value-driven (rational) investment behavior. | en |
dc.format.extent | 692712 bytes | |
dc.format.mimetype | application/pdf | |
dc.language.iso | eng | en |
dc.publisher | Norwegian School of Economics and Business Administration. Department of Finance and Management Science | en |
dc.relation.ispartofseries | Discussion paper | en |
dc.relation.ispartofseries | 2003:10 | en |
dc.title | Soft landing of a stock market bubble : an experimental study | en |
dc.type | Working paper | en |