Single vs multiple disclosures in an experimental asset market with information acquisition
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Otros documentos de la autoría: Ruiz-Buforn, Alba; Alfarano, Simone; Camacho Cuena, Eva; MORONE, ANDREA
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Single vs multiple disclosures in an experimental asset market with information acquisitionFecha de publicación
2021-04-13Editor
Taylor & FrancisCita bibliográfica
RUIZ-BUFORN, Alba, et al. Single vs. multiple disclosures in an experimental asset market with information acquisition. The European Journal of Finance, 2021, p. 1-27.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://www.tandfonline.com/doi/full/10.1080/1351847X.2021.1911822Versión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
We conduct laboratory experiments to study whether increasing the number of independent public signals in an economy with endogenous private information is an effective measure to promote the acquisition of information ... [+]
We conduct laboratory experiments to study whether increasing the number of independent public signals in an economy with endogenous private information is an effective measure to promote the acquisition of information and to enhance price efficiency. We observe that the release of public information crowds out the traders' demand for private information under a single disclosure while favoring private information acquisition under multiple disclosures. The latter measure improves price accuracy in forecasting the asset fundamental value. However, multiple disclosures do not eliminate the adverse effect of market overreaction to public information, becoming a potential source of fragility for the financial system. [-]
Entidad financiadora
Universitat Jaume I | Ministerio de Ciencia, Innovación y Universidades | Càtedra de Nova Transició Verda (Generalitat Valenciana) | Ministerio de Educación, Cultura y Deporte
Código del proyecto o subvención
UJI-B2018-77 | RTI2018-096927-B-I00 | FPU2014/01104
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Copyright © 2021 Taylor & Francis
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