haku: @author Ofek, E. / yhteensä: 11
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| Tekijä: | Ofek, E. Richardson, M. |
| Otsikko: | DotCom mania: the rise and fall of Internet stock prices |
| Lehti: | Journal of Finance
2003 : JUN, VOL. 58:3, p. 1113-1137 |
| Asiasana: | Share prices Internet Short selling |
| Kieli: | eng |
| Tiivistelmä: | The paper explores a model based on agents with heterogenous beliefs facing short sales restrictions, and its explanation for the rise, persistence, and eventual fall of Internet stock prices. The authors document substantial short sale restrictions for Internet stocks. Using data on Internet holdings and block trades, they show a link between heterogeneity and price effects for Internet stocks. They also document average, long-run excess returns as low s - 33 percent for Internet stocks postlockup. At last they link the Internet bubble burst to the unprecedented level of lockup expirations and insider selling. |
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