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  Bubbles and Financial Professionals

Weitzel, U., Huber, C., Huber, J., Kirchler, M., Lindner, F., & Rose, J. (2019). Bubbles and Financial Professionals. The Review of Financial Studies, hhz093.

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Genre: Journal Article

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https://doi.org/10.1093/rfs/hhz093 (Any fulltext)
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 Creators:
Weitzel, Utz, Author
Huber, Christoph, Author
Huber, Jürgen, Author
Kirchler, Michael, Author
Lindner, Florian1, Author              
Rose, Julia, Author
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: experimental finance, financial professionals, price efficiency, financial bubbles
 JEL: G02 - Behavioral Finance: Underlying Principles
 JEL: C92 - Laboratory, Group Behavior
 JEL: D84 - Expectations; Speculations
 JEL: G14 - Information and Market Efficiency; Event Studies; Insider Trading
 Abstract: The efficiency of financial markets and their potential to produce bubbles are central topics in academic and professional debates. Yet, surprisingly little is known about the contribution of financial professionals to price efficiency. To close this gap, we run 86 experimental markets with 294 professionals and 384 students. We report that professional markets with bubble-drivers—capital inflows or high initial capital supply—are susceptible to bubbles, but they are significantly more efficient than student markets. In a survey with 245 professionals and students we show that cognitive

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 Dates: 20192019
 Publication Status: Published online
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 Rev. Type: Peer
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Title: The Review of Financial Studies
Source Genre: Journal
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Pages: - Volume / Issue: - Sequence Number: hhz093 Start / End Page: - Identifier: -