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| Author: | Nöth, M. Weber, M. |
| Title: | Insidererkennung in experimentellen Märkten |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1996 : VOL. 48:11, p. 959-982 |
| Index terms: | INSIDER TRADING FINANCIAL MARKETS COMPARATIVE RESEARCH STOCK MARKETS |
| Language: | ger |
| Abstract: | In most financial markets people are not allowed to trade on insider information. In order to have perfect knowledge concerning insiders' identities and amount of private information we use experimental markets (double auction) to study insider detection. We found that traders and a supervising commission were better in identifying the private information than in detecting the insider. In addition, the data show that both results depend on the number of insiders in the market and on the degree of certainty about the number of insiders. Noninsiders preferred a market with insider(s) even if they could trade in a comparable market with no insiders |
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