transparent gif


Ej inloggad.

Göteborgs universitets publikationer

The influence of investment experience on market prices: laboratory evidence

Författare och institution:
Jürgen Huber (-); Michael Kirchler (Centrum för finans); T. Stockl (-)
Publicerad i:
Experimental Economics, 19 ( 2 ) s. 394-411
Artikel, refereegranskad vetenskaplig
Sammanfattning (abstract):
We run laboratory experiments to analyze the impact of prior investment experience on price efficiency in asset markets. Before subjects enter the asset market they gain either no, positive, or negative investment experience in an investment game. To get a comprehensive picture about the role of experience we implement two asset market designs. One is prone to inefficient pricing, exhibiting bubble and crash patterns, while the other exhibits efficient pricing. We find that (i) both, positive and negative, experience gained in the investment game lead to efficient pricing in both market settings. Further, we show that (ii) the experience effect dominates potential effects triggered by positive and negative sentiment generated by the investment game. We conjecture that experiencing changing price paths in the investment game can create a higher sensibility on changing fundamentals (through higher salience) among subjects in the subsequently run asset market.
Ämne (baseras på Högskoleverkets indelning av forskningsämnen):
Ekonomi och näringsliv
Experimental finance, Asset market, Bubble, Mispricing, Information, Experience, EXPERIMENTAL ASSET MARKETS, BUBBLES, INVESTORS, EXPECTATIONS, CRASHES, ANOMALIES, BEHAVIOR, AVERSION
Postens nummer:
Posten skapad:
2016-06-27 14:16

Visa i Endnote-format

Göteborgs universitet • Tel. 031-786 0000
© Göteborgs universitet 2007