線上：騰訊會議ID 616 922 299
講座主題：Information Ambiguity, Market Institutions and Asset Prices: Experimental Evidence
內容提要：We explore how information ambiguity and traders’ attitudes toward ambiguity affect expectations and asset prices under three different market institutions. Specifically, we test the prediction of Epstein and Schneider (2008) that information ambiguity will lead market prices to overreact to bad news and to underreact to good news. We find that such an asymmetric reaction exists and is strongest in individual prediction markets. It occurs to a lesser extent in single price call markets. It is weakest of all in double auction markets, where buyers’ asymmetric reaction to good/bad news is cancelled out by the opposite asymmetric reaction of sellers.
嘉賓簡介：Te Bao (包特) is the professor of economics at the School of Social Sciences, Nanyang Technological University, Singapore. He obtained his Ph.D in Economics in 2012 from CeNDEF, University of Amsterdam. His research interest includes experimental economics, behavioral finance and real estate economics. His works are published in Economic Journal, European Economic Review, Experimental Economics, Journal of Economic Behavior and Organization and Journal of Economic Dynamics and Control.