search query: @author Hillion, P. / total: 5
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| Author: | Biais, B. Hillion, P. Spatt, C. |
| Title: | Price discovery and learning during the preopening period in the Paris Bourse |
| Journal: | Journal of Political Economy
1999 : DEC, VOL. 107:6, part 1, p. 1218-1248 |
| Index terms: | POLITICAL ECONOMY PRICES LEARNING |
| Language: | eng |
| Abstract: | Before the opening of the Paris Brourse, traders place orders and indicative prices are set. This offers a laboratory to study empirically the tatonnement process through which markets discover equilibrium prices. Since preopening orders can be revised or canceled before the opening, indicative prices could be noise. The authors test this against the hypothesis that preopening prices reflect learning. Early in the preopening the noise hypothesis is not rejected. |
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