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Vom Nutzen zusätzlicher Information auf Märkten mit unterschiedlich informierten Händlern — Eine experimentelle Studie

Author

Listed:
  • Jürgen Huber

    (Institut für Banken und Finanzen an der Universität Innsbruck)

  • Michael Kirchler

    (Institut für Banken und Finanzen an der Universität Innsbruck)

  • Matthias Sutter

    (Staatswissenschaftliches Seminar zu Köln)

Abstract

Zusammenfassung In diesem Aufsatz berichten wir die Ergebnisse eines ökonomischen Experiments, in dem der Nutzen zusätzlicher Information für die Gewinne beim Handeln auf Finanzmärkten mit zwei unterschiedlichen Preisbildungsmechanismen untersucht wird. Die Methode der experimentellen Ökonomik erlaubt eine kontrollierte Variation des Informationsniveaus einzelner Händler. Unabhängig vom Preisbildungsmechanismus zeigt sich, dass zusätzliche Information lediglich bei relativ hohem Informationsniveau einen signifikant positiven Nutzen hat. Bei relativ geringem Informationsniveau hingegen hat zusätzliche Information keinen statistisch signifikanten Einfluss auf die Handelsgewinne.

Suggested Citation

  • Jürgen Huber & Michael Kirchler & Matthias Sutter, 2006. "Vom Nutzen zusätzlicher Information auf Märkten mit unterschiedlich informierten Händlern — Eine experimentelle Studie," Schmalenbach Journal of Business Research, Springer, vol. 58(2), pages 188-211, March.
    • Handle: RePEc:spr:sjobre:v:58:y:2006:i:2:d:10.1007_bf03371650
    DOI: 10.1007/BF03371650
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    References listed on IDEAS

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    More about this item

    Keywords

    C91; D82; D83; G14;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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