The method of elicitation has an important effect on valuations. We investigate the effect of perspective on decision makers' elicited values. We conduct experimental sessions in which participants act as sellers or buyers, and replicate the disparity between willingness to accept and...

This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In some markets, no information is released as trading starts, and in others, an imperfect pre-announcement is...

Trueman [1994] provides a model of forecasting behavior in which analysts do not always make forecasts that are consistent with their private information. Using Trueman's model to provide theoretical direction, we conduct six experimental sessions to investigate individual forecasting behavior....

We show that market frictions and agency considerations are important concerns when institutional investors make portfolio allocation decisions. For a sample of widely followed firms, institutional holdings increase with increases in visibility as measured by the number of analysts following the...

Index options have been one of the most successful of the many innovative financial instruments introduced over the last few decades, as their high trading volume indicates. Given their prominence, the pricing efficiency of these markets is of great importance. ; Detecting inefficient pricing,...

Since China launched the economic reform in 1978, the production efficiency and financial performance of state-owned enterprises (SOEs) have been a focus of interest in both the academic community and popular press. Many studies have concluded that SOEs improved their production efficiency under...