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http://hdl.handle.net/10419/22489
  
Title:Market Transparency and Call Markets PDF Logo
Authors:Oehler, Andreas
Unser, Matthias
Issue Date:1998
Series/Report no.:Bank- und Finanzwirtschaftliche Forschung: Diskussionsbeiträge des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft, Universität Bamberg 6
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.
Subjects:Market Microstructure
Experimental Asset Markets
Orderbook Transparency
Individual Behavior in Call Markets
JEL:G12
D44
G14
Document Type:Working Paper
Appears in Collections:Diskussionsbeiträge, Lst. f. BWL, insb. Finanzwirtschaft, Universität Bamberg

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