When a Master Dies: Speculation and Asset Float
利用艺术家去世导致未来作品供给减少这一冲击，检验了卖空限制下投机交易模型的预测，发现艺术家早逝会永久推高其作品价格和交易量，且对更知名的艺术家影响更大。
Abstract 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%).