Informed trading, market efficiency and volatility

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• 作者：Ming-Chien Sung ; ^{ms9@soton.ac.uk} ; Johnnie E.V. Johnson ^{jej@soton.ac.uk} ; David C.J. McDonald ^{d.mcdonald@soton.ac.uk}
• 关键词：G12 ; G14
• 刊名：Economics Letters
• 出版年：2016
• 出版时间：December 2016
• 年：2016
• 卷：149
• 期：Complete
• 页码：56-59
• 全文大小：717 K
• 卷排序：149

文摘

Betting markets provide a valuable setting for examining impact of informed trading. Informed trading causes increased market efficiency. Informed trading causes increased volatility of market prices. Reducing liquidity risks to arbitrageurs may help to achieve efficiency.