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《Journal of Finance and Economics》 2009-06
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Soft Budget Constraint and Rational Bubble of Asset Prices

LI Guang-zi1,LI Ling2(1. Guanghua School of Management, Peking University, Beijing 100871, China;2. Institute of World Economics & Politics, China Academy of SocialSciences, Beijing 100732, China)  
The paper introduces soft budget constraint theory into the analysis of rational bubbles of asset prices and obtains an expression of rational bubble of asset prices based on an asset equilibrium-price-making model with soft budget constraint. The analysis indicates that the rational bubbles of risk assets are positive under soft budget constraint. The more a firm possessing risk assets incur soft budget constraint, the bigger the rational bubble of the risk asset price is.
【CateGory Index】: F830.9;F224
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【Citations】
Chinese Journal Full-text Database 6 Hits
1 Zhou Chunsheng & Yang Yunhong (Guanghua School of Management,Peking university);The Rational Bubbles in Chinese Stock Market[J];Economic Research Journal;2002-07
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【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 HAN Ze-xian (School of Management, Tianjin University, Tianjin 300072, China);Analysis of Chinese Market Rationality Based on Co-integration[J];Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition);2005-03
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【Secondary Citations】
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1 CHEN Xiao\|yue and SUN Ai\|jung (School of Economics and Management, Tsinghua University, Beijing 100084, China);Beta Is Dead: Evidence from China[J];JOURNAL OF PEKING UNIVERSITY(HUMANITIES AND SOCIAL SCIENCES);2000-04
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