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Informational asymmetries in laboratory asset markets with state-dependent fundamentals

Keser, Claudia; Markstädter, Andreas - 2014

We investigate the formation of market prices in a new experimental setting involving multi-period call-auction asset markets with state-dependent fundamentals. We are particularly interested in two informational aspects: (1) the role of traders who are informed about the true state and/or (2)...

Persistent link: https://www.econbiz.de/10010353591

Informational asymmetries in laboratory asset markets with state-dependent fundamentals

Keser, Claudia; Markstädter, Andreas - 2014 - This version: September 25, 2014

Persistent link: https://www.econbiz.de/10010429127

Informational asymmetries in laboratory asset markets with state-dependent fundamentals : conference paper

Keser, Claudia; Markstädter, Andreas - 2014

We investigate the formation of market prices in a new experimental setting involving multi-period asset markets with state-dependent fundamentals. We are particularly interested in two informational aspects: (1) the role of traders who are informed about the true state and (2) the provision of...

Persistent link: https://www.econbiz.de/10010483895

Experience does not eliminate bubbles : experimental evidence

Kopányi-Peuker, Anita; Weber, Matthias - 2018

. One is a call market experiment in which participants trade assets with each other. The other is a learning …-to-forecast experiment in which participants only forecast future prices, while the trade, which is based on these forecasts, is computerized …. Each experiment comprises three treatments that vary the amount of information about the fundamental value that …

Persistent link: https://www.econbiz.de/10011932581

Earnings Metrics, Information Processing, and Price Efficiency in Laboratory Markets

Elliott, W. Brooke - 2015

An enduring issue in financial reporting is whether and how salient summary measures of firm performance (“earnings metrics”) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory...

Persistent link: https://www.econbiz.de/10013019952

Earnings Metrics, Information Processing, and Price Efficiency in Laboratory Markets

Elliott, W. Brooke - 2015

Persistent link: https://www.econbiz.de/10013036127

Risk aversion and information aggregation in binary-asset markets

Filippin, Antonio; Mantovani, Marco - In: Quantitative economics : QE ; journal of the … 14 (2023) 2, pp. 753-798

We investigate how risk aversion (RA) shapes the informative content of prices in an experimental asset market, where traders are sorted according to their RA. RA should induce steeper individual demands and, under its most common parametrizations, drive equilibrium prices closer to revealing...

Persistent link: https://www.econbiz.de/10014308597

Price efficiency and trading behavior in limit order markets with competing insiders

Stöckl, Thomas - 2013

We study price efficiency and trading behavior in laboratory limit order markets with asymmetrically informed traders. Markets differ in the number of insiders present and in the subset of traders who receive information about the number of insiders present. We observe that price efficiency (i)...

Persistent link: https://www.econbiz.de/10009744178

The Information Role of the Media in Earnings News

Guest, Nicholas M. - 2021

I reexamine whether media articles with substantive editorial content inform the market's reaction to firms' earnings news. Using variation in earnings announcement coverage because of restructuring at The Wall Street Journal (WSJ), my analyses suggest that WSJ earnings articles improve price...

Persistent link: https://www.econbiz.de/10013222108

Taste, Information, and Asset Prices : Implications for the Valuation of CSR

Friedman, Henry L. - 2016

Firms often undertake activities that do not necessarily increase cash flows (e.g., costly investments in corporate social responsibility, or CSR), and some investors value these non-cash activities (i.e., they have a "taste" for these activities). We develop a model to capture this phenomenon...

Persistent link: https://www.econbiz.de/10013004150