Detail Strategic Behavior and Price Discovery   Oleh:  Vives, Xavier ; Medrano, Luis Angel Jenis: Article from Bulletin/Magazine Dalam koleksi: The Rand Journal of Economics vol. 32 no. 2 (2001), page 221-248. Topik: BEHAVIOUR; strategic behaviour; price discovery Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: RR10.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel We analyze the effects of strategic behavior by a large informed trader in a price discovery process used in opening auctions in continuous trading systems. It is found that the large informed trader manipulates the market using a contrarian strategy to neutralize the effect of the trades of competitive informed agents. Furthermore, consistent with the empirical evidence available, we find that information revelation accelerates close to the opening, that the market price approaches but does not converge to the fundamental value, and that the expected trading volume displays a U - shaped pattern. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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