The present study contributes to the ongoing debate on possible costs and benefits of insider trading. We present a novel call auction model with insider information. Our model predicts that more insider information improves informational efficiency of prices, but this comes at the expense of...

This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that placebic information increases the perceived...

Does social identity affect how decision makers consume and digest new information? We study this question through a theoretically informed experiment, employing a variant of the sender receiver game in which receivers can purchase reports from up to two senders. Depending on senders'...

The purpose of this paper is to investigate Efficient Market Hypothesis (EMH) for Visegrad Group. The stock prices have been analyzed for the period between 1995 and 2014 with panel multiple structural breaks unit root test which is developed by Carrion-i-Silvestre et al. (2005). According to...