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Sökning: WFRF:(Kirchler Michael 1977 ) > (2011) > Kirchler Michael 1977

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1.
  • Huber, Jürgen, et al. (författare)
  • Experimental asset markets with endogenous choice of costly asymmetric information
  • 2011
  • Ingår i: Experimental Economics. - 1386-4157. ; 14:2, s. 223-240
  • Tidskriftsartikel (refereegranskat)abstract
    • Asymmetric distribution of information, while omnipresent in real markets, is rarely considered in experimental financial markets. We present results from experiments where subjects endogenously choose between five information levels (four of them costly). We find that (i) uninformed traders earn the highest net returns, while average informed traders always perform worst even when information costs are not considered; (ii) over time traders learn to pick the most advantageous information levels (full information or no information); and (iii) market efficiency decreases with higher information costs. These results are mostly in line with the theoretical predictions of Grossman and Stiglitz (Am. Econ. Rev. 70:393–408, 1980) and provide additional insights that studies with only two information levels cannot deliver.
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2.
  • Kirchler, Michael, 1977, et al. (författare)
  • Market microstructure matters when imposing a Tobin tax-Evidence from the lab
  • 2011
  • Ingår i: Journal of Economic Behavior & Organization. - 0167-2681. ; 80:3, s. 586-602
  • Tidskriftsartikel (refereegranskat)abstract
    • Trading in FX markets is dominated by two microstructures: exchanges with market makers and OTC-markets without market makers. Using laboratory experiments we test whether the impact of a Tobin tax is different in these two market microstructures. We find that (i) in markets without market makers an unilaterally imposed Tobin tax (i.e. a tax haven exists) increases volatility. (ii) In contrast, in markets with market makers we observe a decrease in volatility in unilaterally taxed markets. (iii) An encompassing Tobin tax has no impact on volatility in either setting. Efficiency does not vary significantly across tax regimes.
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  • Resultat 1-2 av 2
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Huber, Jürgen (2)
Kirchler, Michae... (2)Ta bort avgränsningen
Kleinlercher, Daniel (1)
Angerer, M (1)
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Göteborgs universitet (2)
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Engelska (2)
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2011 (2)Ta bort avgränsningen

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