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| Author: | Porter, D. Smith, V. |
| Title: | Futures contracting and dividend uncertainty in experimental asset markets |
| Journal: | Journal of Business
1995 : OCT, VOL. 68:4, p. 509-542 |
| Index terms: | FUTURE DIVIDENDS UNCERTAINTY |
| Language: | eng |
| Abstract: | Prices in experimental asset markets tend to bubble and then crash to dividend value at the end of the asset's useful life. Explanations for this phenomenon are that participants cannot form reliable future price expectations or dividend risk aversion. The authors report the results of experiments to test these hypotheses. In one experimental series, a futures market is introduced so that participants can obtain information on future share prices. |
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