Asset Float and Speculative Bubbles
建立模型研究股票流通量（可交易股份）如何影响投机泡沫，发现泡沫大小随流通量增加而减小，且锁定期到期日股价下跌，与互联网泡沫经验一致。
ABSTRACT We model the relationship between asset float (tradeable shares) and speculative bubbles. Investors with heterogeneous beliefs and short‐sales constraints trade a stock with limited float because of insider lockups. A bubble arises as price overweighs optimists' beliefs and investors anticipate the option to resell to those with even higher valuations. The bubble's size depends on float as investors anticipate an increase in float with lockup expirations and speculate over the degree of insider selling. Consistent with the internet experience, the bubble, turnover, and volatility decrease with float and prices drop on the lockup expiration date.