{"product_id":"9783658279554","title":"Finanzwirtschaft, Banken und Bankmanagement I Finance, Banks and Bank Management","description":"\u003ch1\u003eFinanzwirtschaft, Banken und Bankmanagement I Finance, Banks and Bank Management\u003c\/h1\u003e \u003ch2\u003eHunanyan, Gevorg\u003c\/h2\u003e \u003cp\u003eGevorg Hunanyan develops a model that provides a comprehensive theoretical framework to study the consequences of short-sale constraints on the stability of financial markets. This model shows that overpricing of securities is solely attributable to the subjective second moment beliefs of investors. Thus, short-sale constraints prevent a market decline only if investors have low dispersion of beliefs, which in the model is embodied in the covariance matrix. Moreover, the author analyses the consequences of short-sale constraints on the investor’s portfolio selection, risk-taking behaviour as well as default probability. The author develops criteria that allow to analyse the effectiveness of short-sale constraints in reducing portfolio risk as well as default risk.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer Gabler\u003c\/p\u003e \u003cp\u003ePublication Date: 2019-10-10\u003c\/p\u003e \u003cp\u003eFormat: Paperback\u003c\/p\u003e \u003cp\u003eISBN-13: 9783658279554\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-3-658-27956-1\u003c\/p\u003e \u003cp\u003eDimensions: 240cm x168cm\u003c\/p\u003e \u003cp\u003ePages: 117\u003c\/p\u003e ","brand":"Springer Fachmedien Wiesbaden","offers":[{"title":"Default Title","offer_id":45589458747532,"sku":"9783658279554","price":49.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9783658279554.jpg?v=1774533364","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9783658279554","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}