Market efficiency, trading institutions and information mirages: evidence from a laboratory asset market

Morone, Andrea; Nuzzo, Simone

doi:10.1007/s11403-019-00242-9

Cited by 6 publications

(1 citation statement)

References 36 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…In a market where uninformed agents cannot be sure about the presence of insiders, Morone and Nuzzo (2015) investigate the impact of trading institutions on both the occurrence of information mirages and the price discovery process. In this framework, a single-unit double auction institution is compared with a multiple call auction mechanism.…”

Section: Trading Institutionsmentioning

confidence: 99%

Asset markets in the lab: A literature review

Morone

Nuzzo

2017

Journal of Behavioral and Experimental Finance

Self Cite

View full text Add to dashboard Cite

Registro de acceso restringido Este recurso no está disponible en acceso abierto por política de la editorial. No obstante, se puede acceder al texto completo desde la Universitat Jaume I o si el usuario cuenta con suscripción. Registre d'accés restringit Aquest recurs no està disponible en accés obert per política de l'editorial. No obstant això, es pot accedir al text complet des de la Universitat Jaume I o si l'usuari compta amb subscripció. Restricted access item This item isn't open access because of publisher's policy. The full--text version is only available from Jaume I University or if the user has a running suscription to the publisher's contents.

show abstract

Section: Trading Institutionsmentioning

confidence: 99%

Asset markets in the lab: A literature review

Morone

Nuzzo

2017

Journal of Behavioral and Experimental Finance

Self Cite

View full text Add to dashboard Cite

show abstract

Literature review of experimental asset markets with insiders

Merl

2022

Journal of Behavioral and Experimental Finance

View full text Add to dashboard Cite

The impact of a preopening session on subsequent trading: An experimental analysis

Caferra,

Morone,

Nuzzo

2024

Economic Notes

View full text Add to dashboard Cite

In this study, we examine the influence of a preopening call market (CM) session on the subsequent continuous double auction (CDA) trading phase within a combined market structure (CMDA). We propose that the introduction of a CM phase before the CDA could potentially mitigate price volatility during the CDA by facilitating the disclosure of agents' private information through the preopening pricing phase. Our findings reveal a positive relationship between the preopening price and the prices traded during the subsequent phase, alongside a decreased deviation of prices from their fundamental value when high‐quality information is available. These results suggest that a well‐defined preopening phase has the potential to improve market efficiency.

show abstract

Market efficiency, trading institutions and information mirages: evidence from a laboratory asset market

Cited by 6 publications

References 36 publications

Asset markets in the lab: A literature review

Asset markets in the lab: A literature review

Literature review of experimental asset markets with insiders

The impact of a preopening session on subsequent trading: An experimental analysis

Contact Info

Product

Resources

About