第84回CARF特別セミナー: Professor Scheinkman


José A. Scheinkman

Professor of Economics at Columbia University
Professor of Economics (emeritus) at Princeton University
Research Associate at the NBER


When a Master Dies: Speculation and Asset Float

The death of an artist constitutes a negative supply shock to his future production. Intuition would thus suggest that this supply shock reduces the future auction volume of this artist. In finance terms, this supply shock reduces this artist’s float. If collectors have heterogeneous beliefs and speculate about fundamental value, a reduction in float may increase subsequent volume and prices (Hong et al., 2006). Since collectors cannot sell short, prices overweigh optimists’ beliefs and reflect a speculative bubble. The size of the bubble and trading volume are therefore proportional to the asset’s float, so that a negative supply shock increases prices and volume. We find strong support for this prediction in the data.


2019年12月5日(木) 10:30-12:00


東京大学経済学研究科学術交流棟(小島ホール) 2階 コンファレンスルーム




José A. Scheinkman is the Charles and Lynn Zhang Professor of Economics at Columbia University, Theodore A. Wells ‘29 Professor of Economics (emeritus) at Princeton University and a Research Associate at the NBER. Previously, Professor Scheinkman was the Alvin H. Baum Distinguished Service Professor and Chairman of the Department of Economics at the University of Chicago, Blaise Pascal Research Professor (France), Visiting Professor at Collège de France, Vice President in the Financial Strategies Group of Goldman, Sachs & Co. and co-editor of the Journal of Political Economy. He has served as a consultant to several financial institutions and serves on the board of Cosan Limited, a NYSE listed company engaged in the production and distribution of sugar, ethanol and energy in Brazil.

Professor Scheinkman is a Member of the National Academy of Sciences, Fellow of the American Academy of Arts and Sciences, Fellow of the American Finance Association, Fellow of the Econometric Society, Corresponding Member of the Brazilian Academy of Sciences, and received a “docteur honoris causa” from the Université Paris-Dauphine. He was awarded a John Simon Guggenheim Memorial Fellowship in 2007 and the CME-MSRI Prize in Innovative Quantitative Applications in 2014.  Professor Scheinkman’s current research focuses on speculation in financial markets and on the effect of increases in liquidity on financial fragility.