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| Author: | Biais, B. Martinez, I. |
| Title: | Price discovery across the Rhine |
| Journal: | Review of finance
2004 : VOL, 8:1, p. 49-74 |
| Index terms: | Financial market trading Prices Stock markets |
| Language: | eng |
| Abstract: | This article examines opening asset prices which are set simultaneously for German and French stocks in Frankfurt and Paris. It is assumed in the model that investors and traders based in the same country as the company have better information about companys value than foreign traders. For German stocks, the home prices are found to be informationally more efficient than foreign prices. This is consistent with the lack of integration of international financial markets. |
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