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Bubbles and information / Matthias Sutter in Management science, Vol. 58 N° 2 (Février 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 2 (Février 2012) . - pp. 384-393 Titre : Bubbles and information : An experiment Type de document : texte imprimé Auteurs : Matthias Sutter, Auteur ; Jürgen Huber, Auteur ; Michael Kirchler, Auteur Année de publication : 2012 Article en page(s) : pp. 384-393 Note générale : Management Langues : Anglais (eng) Mots-clés : Finance  Experiment  Bubbles Résumé : A symmetric distribution of information, although omnipresent in real markets, is rarely considered in experimental economics. We study whether information about imminent future dividends can abate bubbles in experimental asset markets. We find that markets with asymmetrically informed traders have significantly smaller bubbles than markets with symmetrically informed or uninformed traders. Hence, fundamental values are better reflected in market prices—implying higher market efficiency—when some traders know more than others about future dividends. This suggests that bubbles are abated when traders know that a subset of them have an edge (in information) over others. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/2/384.abstract [article] Bubbles and information : An experiment [texte imprimé] / Matthias Sutter, Auteur ; Jürgen Huber, Auteur ; Michael Kirchler, Auteur . - 2012 . - pp. 384-393. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 2 (Février 2012) . - pp. 384-393 Mots-clés : Finance  Experiment  Bubbles Résumé : A symmetric distribution of information, although omnipresent in real markets, is rarely considered in experimental economics. We study whether information about imminent future dividends can abate bubbles in experimental asset markets. We find that markets with asymmetrically informed traders have significantly smaller bubbles than markets with symmetrically informed or uninformed traders. Hence, fundamental values are better reflected in market prices—implying higher market efficiency—when some traders know more than others about future dividends. This suggests that bubbles are abated when traders know that a subset of them have an edge (in information) over others. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/2/384.abstract