haku: @journal_id 1678 / yhteensä: 40
viite: 6 / 40
Tekijä: | Ackert, L.F. Church, B. Jayaraman, N. |
Otsikko: | An experimental study of circuit breakers: the effects of mandated market closures and temporary halts on market behavior |
Lehti: | Journal of Financial Markets
2001 : APR, VOL. 4:2, p. 185-208 |
Asiasana: | TRADING |
Vapaa asiasana: | CIRCUIT BREAKERS EXPERIMENTAL ASSET MARKETS |
Kieli: | eng |
Tiivistelmä: | This paper analyzes the effect of circuit breakers on price behavior, trading volume, and profit-making ability in a market setting. They conduct nine experimental asset markets to compare behavior across three regulatory regimes: market closure, temporary halt, and no interruption. They find that the presence of a circuit breaker rule does not affect the magnitude of the absolute deviation in price from fundamental value or trading profit. The primary driver of price behavior is information. |
SCIMA