TY  - UNPD
A1  - Krahnen, Jan Pieter
A1  - Rieck, Christian
A1  - Theissen, Erik
T1  - Insider trading and portfolio structure in experimental asset markets with a long lived asset
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 1
N2  - We report results of a series of nine market experiments with asymmetric information and a fundamental value process that is more "realistic" than those in previous experiments. Both a call market institution and a continuous double auction mechanism are employed. We find considerable pricing inefficiencies that are only partially exploited by insiders. The magnitude of insider gains is analyzed separately for each experiment. We find support for the hypothesis that the continuous double auction leads to more efficient outcomes. Finally, we present evidence of an endowment effect: the initial portfolio structure influences the final asset holdings of experimental subjects.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 1 
KW  - experimental asset markets
KW  - market efficiency
KW  - market institutions
KW  - endowment effect
KW  - Börsenkurs
KW  - Kapitalmarkt
KW  - Experimentelle Wirtschaftsforschung
KW  - Markteffizienz
KW  - Kapitalmarkteffizienz
KW  - Asymmetrische Information
KW  - Insidergeschäft
KW  - Kapitalanlage
KW  - Auktionstheorie
Y1  - 1997
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/55156
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-551564
UR  - https://www.econbiz.de/archiv/f/uf/finanzierung/long_lived_asset.pdf
SP  - 1
PB  - Johann-Wolfgang-Goethe-Universität, Frankfurt am Main, Fachbereich Wirtschaftswissenschaften
CY  - Frankfurt am Main
ER  -