Does the preopening period facilitate price discovery ?
نویسندگان
چکیده
By Bruno Biais, IDEI, Université de Toulouse 1, Place Anatole France, 31000 Toulouse, France Telephone: 05 61 12 85 98, Email : [email protected] Christophe Bisière, IDEI, Université de Toulouse 1, Place Anatole France, 31000 Toulouse, France Telephone: 05 61 12 85 89, and Sébastien Pouget, J. Mack Robinson College of Business, Georgia State University, Department of Finance, University Plaza, Atlanta GA 30303, USA Telephone: (404) 651 28 09
منابع مشابه
Equilibrium Discovery and Preopening Mechanisms in an Experimental Market
We experimentally analyze equilibrium discovery in i) a pure call auction, ii) a call auction preceded by a nonbinding preopening period, and iii) a call auction preceded by a binding preopening period. We examine whether a preopening period can facilitate coordination on the Pareto dominant equilibrium. During the nonbinding preopening period, traders tend to place manipulative orders. After o...
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