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Uninformative announcements and asset trading behavior

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Author Info
Brice Corgnet
Praveen Kujal
Dave Porter

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Abstract

Financial markets are overwhelmed by daily announcements. We use experimental asset markets to assess the impact of uninformative communications on asset prices and trading volumes. We deliver uninformative messages in standard experimental asset markets and find that trading volumes and prices are impacted by these messages. In particular, the release of a pre-announced preset message to traders “The price is too high” in predetermined trading periods decreases the amplitude and duration of bubbles. Also, the release of the messages “The price is too high” or “The price is too low” reduces trading volume with inexperienced subjects.

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File URL: http://e-archivo.uc3m.es/dspace/bitstream/10016/1148/1/we078350.pdf
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Publisher Info
Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we078350.

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Date of creation: Dec 2007
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Handle: RePEc:cte:werepe:we078350

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This page was last updated on 2009-11-26.

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