This paper aims to investigate market participants' reactions to sequential information, presenting firm-specific news and market-wide information. Experimental study takes place in the COVID-19 pandemic era, as market-wide information representation. We also provide firm-specific information in...

Hogarth and einhorn (1992) document that, under uncertain conditions, people are affected by recency effect in their devision making. Other study finds that knowledge minimizes decision maker's bias (Dilla and Steinbart, 2005). We combine the ideas from the two previous studies by examining...