English, Article edition: MARKET EFFICIENCY: EVIDENCE FROM A NO-BUBBLE ASSET MARKET EXPERIMENT Vivian Lei; Filip Vesely

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  • article
Language
  • English

Edition details

Title
  • MARKET EFFICIENCY: EVIDENCE FROM A NO-BUBBLE ASSET MARKET EXPERIMENT
Author
  • Vivian Lei
  • Filip Vesely
Physical Description
  • article
Notes
  • We report the results of an experiment that demonstrates that market experience is not necessary to eliminate bubbles in the type of asset markets studied in Smith et al. (1988) . We introduce a pre-market phase in which subjects experience a dividend flow themselves by literally observing and receiving dividends for 12 periods. The robust bubble-crash phenomenon never occurs in our experiment. Our results provide strong evidence that so long as a majority of the subjects have full understanding of the structure of the dividend, market efficiency can be ensured. Copyright 2009 The Authors. Journal compilation 2009 Blackwell Publishing Asia Pty Ltd
  • RePEc:bla:pacecr:v:14:y:2009:i:2:p:246-258
Language
  • English
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