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1 juin 2013
- handle: 10670/1.85l20d
- hal: hal-02311957
- doi: 10.1111/j.1468-0297.2012.02557.x
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info:eu-repo/semantics/altIdentifier/doi/10.1111/j.1468-0297.2012.02557.x
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Loathing Disrelish Disgust Distaste Repugnance Antipathy Abhorrence Dislike Commonwealth, The Administration God--Revelation Commercial products--Prices Commodity prices Price theory Justum pretium Political thought Government Political theory Civil government Commonwealth, The Science, Political Administration Politics Public markets Administration Article Funds Funding Administration Public administration--Law and legislation Law, Administrative Estates, Administration of Administration Finance, commerce, confiscations, etcCiter ce document
Brice Corgnet et al., « Reaction to Public Information in Markets : How much does Ambiguity Matter? », HALSHS : archive ouverte en Sciences de l’Homme et de la Société, ID : 10.1111/j.1468-0297.2012.02557.x
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Résumé
In this article, we experimentally study trader reaction to ambiguity when dividend information is revealed sequentially. Our results indicate that the role of ambiguity aversion in explaining financial anomalies is limited. Specifically, price changes are consistent with news revelation regarding the dividend, independent of subject experience and the degree of ambiguity. In addition, there is no under or overprice reactions to news. Regardless of experience, market reaction to news moves in line with fundamentals. We find no significant differences in the control versus ambiguity treatments regarding prices, price volatility and trading volume for experienced subjects.