Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/184982 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2018-04
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
The efficiency of financial markets and their potential to produce bubbles are central topics in academic and professional debates. Yet, surprisingly little is known about the contribution of financial professionals to price efficiency. To close this gap, we run 86 experimental markets with 294 professionals and 384 students. We report that professional markets with bubble-drivers-capital inflows or high initial capital supply-are susceptible to bubbles, but they are significantly more efficient than student markets. In a survey with 245 professionals and students we show that cognitive skills and risk attitudes do not explain subject pool differences in bubble formation.
Schlagwörter: 
experimental finance
financial professionals
price efficiency
financial bubbles
JEL: 
C92
D84
G02
G14
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
6.56 MB





Publikationen in EconStor sind urheberrechtlich geschützt.