Results are reported of a series of nine market experiments with asymmetric information and a fundamental value process that is more 'realistic' than those in previous experiments. Both a call market institution and a continuous double auction mechanism are employed. Considerable pricing...

This paper is the first experimental study of the effects of competition and adverse selection on the performance of market maker (MM-) markets. Information distribution may is either symmetric or heterogeneous. MM-markets are either monopolistic (the specialist markets), or competitive (the...

We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from...