Arbeitspapier
Trading strategies and trading profits in experimental asset markets with cumulative information
We study the use of trading strategies and their profitability in experimental asset markets with asymmetrically informed traders. We find that insiders make most of their profits from trades which are initiated by their limit orders especially at the beginning of a period and when the change in their fundamental information is large. The average informed lose most with market orders and their losses are highest at the beginning of a period when they can be exploited by insiders. Uninformed traders act as liquidity providers. They place the highest number of limit orders and end up with the market return.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Papers in Economics and Statistics ; No. 2010-09
- Klassifikation
-
Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Information and Market Efficiency; Event Studies; Insider Trading
- Thema
-
Asymmetric information
liquidity
trading strategies
limit order markets
experiment
Anlageverhalten
Asymmetrische Information
Börsenumsatz
Insiderhandel
Test
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Stöckl, Thomas
Kirchler, Michael
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Innsbruck, Department of Public Finance
- (wo)
-
Innsbruck
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:24 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Stöckl, Thomas
- Kirchler, Michael
- University of Innsbruck, Department of Public Finance
Entstanden
- 2010
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