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dc.contributor.authorOehler, Andreasen
dc.contributor.authorHeilmann, Klausen
dc.contributor.authorLäger, Volkeren
dc.date.accessioned2009-01-29T15:00:56Z-
dc.date.available2009-01-29T15:00:56Z-
dc.date.issued2000-
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
dc.language.isoengen
dc.publisher|aOtto-Friedrich-Universität Bamberg, Lehrstuhl für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft |cBambergen
dc.relation.ispartofseries|aDiskussionsbeiträge - Bank- und Finanzwirtschaftliche Forschung (BAFIFO) |x11en
dc.subject.jelG14en
dc.subject.jelD44en
dc.subject.jelG12en
dc.subject.ddc330en
dc.subject.keywordMarket Microstructureen
dc.subject.keywordExperimental Asset Marketsen
dc.subject.keywordInsider Behavioren
dc.subject.keywordMarket Efficiencyen
dc.subject.keywordCall Marketsen
dc.subject.keywordBehavioral Financeen
dc.subject.stwBörsenkursen
dc.subject.stwBörsenumsatzen
dc.subject.stwInformationseffizienzen
dc.subject.stwAnlageverhaltenen
dc.subject.stwInsiderhandelen
dc.subject.stwBörsenspielen
dc.titleDo Insiders Contribute to Market Efficiency? Informational Efficiency and Liquidity of Experimental Call Markets with and without Insiders-
dc.typeWorking Paperen
dc.identifier.ppn379056917en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bamfin:11en

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