Oehler, Andreas; Heilmann, Klaus; Läger, Volker - University of Bamberg, Chair of Finance - 2000
observed spread widening as an impact of insider behavior leads to the conclusion that our call markets react ?as if? all …This paper reports the results of 13 experimental asset markets with 195 subjects that explore the effects of insider … behavior on the price formation process and market liquidity. The experimental call markets use a more realistic design than …