We run an experiment where professional traders, endowed with private information, trade an asset over multiple periods …. After the trading game, we gather information about the professional traders' characteristics by having them carry out a … sophistication, as measured in the Guessing Game (for example, through level-k theory), is the only significant determinant of …

correlated fundamentals open sequentially. In both markets, subjects receive private information. Subjects in the market opening … information is only imperfectly aggregated, subjects are able to make correct inferences based on the public information coming … between asset prices is very close to that predicted by the theory. Finally, as theory predicts, there is no contagion when …

correlated fundamentals open sequentially. In both markets, subjects receive private information. Subjects in the market opening … information is only imperfectly aggregated, subjects are able to make correct inferences based on the public information coming … between asset prices is very close to that predicted by the theory. Finally, as theory predicts, there is no contagion when …

with correlated fundamentals open sequentially and in both of them subjects receive private information. Subjects in the … markets private information is only imperfectly aggregated, subjects are able to make correct inferences based on the public … information coming from the market that opens first. We thus observe financial contagion under laboratory conditions: the …

silence (no release of report from visit date to the next quarterly earnings announcement) contains information that … negatively impacts both stock returns and earnings surprises. The information vacuum created by analyst silence affects market … participants differentially, as institutional investors react to such hidden negative information more promptly than retail …