@techreport{Oehler1998Market,
abstract = {This paper reports the results of 16 experimental asset markets that explore the effects of trade
transparency on the price formation process and its results using a more realistic design than
related studies. The open orderbook does not improve informational efficiency and does not
result in higher liquidity (lower transaction costs). An increase in information intensity leads to
both higher trading volume and higher volatility in both orderbook treatments. The comparison
shows that they only differ in price volatility which is higher with an open orderbook. The
market results mentioned above are confirmed by analyses on the individual level.},
author = {Andreas Oehler and Matthias Unser},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G12; D44; G14; 330; Market Microstructure; Experimental Asset Markets; Orderbook Transparency; Individual Behavior in Call Markets; B\"{o}rsenkurs; Volatilit\"{a}t; B\"{o}rsenspiel; Informationseffizienz; B\"{o}rsenumsatz; Mikrostrukturanalyse; Theorie},
language = {eng},
number = {6},
title = {Market Transparency and Call Markets},
type = {Bank- und Finanzwirtschaftliche Forschung: Diskussionsbeitr\"{a}ge des Lehrstuhls f\"{u}r Betriebswirtschaftslehre, insbesondere Finanzwirtschaft, Universit\"{a}t Bamberg},
url = {http://hdl.handle.net/10419/22489},
year = {1998}
}
