Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/101071 
Autor:innen: 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2013-11
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
We study price efficiency and trading behavior in laboratory limit order markets with asymmetrically informed traders. Markets differ in the number of insiders present and in the subset of traders who receive information about the number of insiders present. We observe that price efficiency (i) is the higher the higher the number of insiders in the market but (ii) is unaffected by changes in the subset of traders who know about the number of insiders present. (iii) Independent of the number ofinsiders, price efficiency increases gradually over time. (iv) The insiders' information is reflected in prices via limit (market) orders if the asset's value is inside (outside) the bid-ask spread. (v) In situations where limit and market orders yield positive profits, insiders clearly prefer market orders, indicating a strong desire for immediate transactions.
Schlagwörter: 
insider
competition
asset market
price efficiency
trading behavior
experimental economics
JEL: 
C92
D82
G12
G14
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.26 MB





Publikationen in EconStor sind urheberrechtlich geschützt.