dc.contributor.author | Lensberg, Terje | |
dc.contributor.author | Schenk-Hoppé, Klaus Reiner | |
dc.contributor.author | Ladley, Daniel | |
dc.date.accessioned | 2013-03-12T12:35:41Z | |
dc.date.available | 2013-03-12T12:35:41Z | |
dc.date.issued | 2012-10 | |
dc.identifier.issn | 1500-4066 | |
dc.identifier.uri | http://hdl.handle.net/11250/164189 | |
dc.description.abstract | We quantify the effects of financial regulation in an equilibrium model with delegated
portfolio management. Fund managers trade stocks and bonds in an order-driven
market, subject to transaction taxes and constraints on short-selling and leverage.
Results are obtained on the equilibrium properties of portfolio choice, trading activity,
market quality and price dynamics under the different regulations. We find that short-
sale restrictions reduce short-term volatility and long swings in asset prices, while
transaction taxes do more harm than good. | no_NO |
dc.publisher | Norwegian School of Economics. Department of Finance and Management Science | no_NO |
dc.relation.ispartofseries | Discussion paper;2012:12 | |
dc.subject | financial regulation | no_NO |
dc.subject | portfolio management | no_NO |
dc.subject | market microstructure | no_NO |
dc.title | Costs and benefits of speculation | no_NO |
dc.type | Working paper | no_NO |
dc.subject.nsi | VDP::Social science: 200::Economics: 210::Business: 213 | no_NO |