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dc.contributor.authorOehler, Andreasen_US
dc.contributor.authorHeilmann, Klausen_US
dc.contributor.authorLäger, Volkeren_US
dc.date.accessioned2009-01-29T15:00:56Z-
dc.date.available2009-01-29T15:00:56Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/22490-
dc.description.abstractThis paper reports the results of 13 experimental asset markets with 195 subjects that explore the effects of insider behavior on the price formation process and market liquidity. The experimental call markets use a more realistic design than related studies. We introduce infinitely-lived assets instead of periodical liquidation (so-called ?reset? markets) and provide full market transparency to the investors with an open orderbook. Our main findings are that insider trading does not improve informational efficiency at all but depresses market liquidity of the assets significantly. At a first glance, the observed spread widening as an impact of insider behavior leads to the conclusion that our call markets react ?as if? all subjects behave rationally like dealers in a market making environment. At a second glance, a first look into the individual data shows that only a smaller group of investors act as ?endogenous? market makers in the call market regime.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesBank- und Finanzwirtschaftliche Forschung: Diskussionsbeiträge des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft, Universität Bamberg 11en_US
dc.subject.jelG14en_US
dc.subject.jelD44en_US
dc.subject.jelG12en_US
dc.subject.ddc330en_US
dc.subject.keywordMarket Microstructureen_US
dc.subject.keywordExperimental Asset Marketsen_US
dc.subject.keywordInsider Behavioren_US
dc.subject.keywordMarket Efficiencyen_US
dc.subject.keywordCall Marketsen_US
dc.subject.keywordBehavioral Financeen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwBörsenumsatzen_US
dc.subject.stwInformationseffizienzen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwInsiderhandelen_US
dc.subject.stwBörsenspielen_US
dc.titleDo Insiders Contribute to Market Efficiency? Informational Efficiency and Liquidity of Experimental Call Markets with and without Insidersen_US
dc.typeWorking Paperen_US
dc.identifier.ppn379056917en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bamfin:11-
Appears in Collections:Diskussionsbeiträge, Lst. f. BWL, insb. Finanzwirtschaft, Universität Bamberg

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