کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
884444 | 912392 | 2008 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Is more information always better?: Experimental financial markets with cumulative information
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We study the value of information in financial markets by asking whether having more information always leads to higher returns. We address this question in an experiment where information about an asset's intrinsic value is cumulatively distributed among traders. We find that only the very best informed traders (i.e., insiders) significantly outperform less informed traders. However, there is a wide range of information levels (from zero information to above average information levels) where additional information does not yield higher returns. The latter result implies that the value of additional information need not be strictly positive.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 65, Issue 1, January 2008, Pages 86–104
Journal: Journal of Economic Behavior & Organization - Volume 65, Issue 1, January 2008, Pages 86–104
نویسندگان
Jürgen Huber, Michael Kirchler, Matthias Sutter,