Flood, M.D.; Koedijk, C.G.; Dijk, M.A. van; Leeuwen, … - Erasmus Research Institute of Management (ERIM), ERIM … - 2002
We examine the consequences of transparency in an experimental multiple-dealer market with asymmetrically informed dealers. Five professional securities traders make a market for a single security. In each trading round, one of the dealers (the "insider") is told the security's true value. We...