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When a Master Dies: Speculation and Asset Float
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DOI：10.1093/rfs/hhab006.png)
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Abstract
En 中文
An artist's death constitutes a negative shock to his future production; death permanently decreases the artist's float. We use this shock to test predictions of speculative trading models with short-selling constraints. As predicted in our model, we find that an artist's premature death leads to a permanent increase in prices and turnover; this effect being larger for more famous artists. We document that premature death increases prices (by 54.7%) and secondary market volume (by 63.2%).
Keywords:
ART
PRICES
RETURNS
MARKET
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