The effects of intelligence on price discovery and market efficiency |
| |
| Affiliation: | 1. Deakin Business School, Department of Finance, Deakin University, Geelong, Australia;2. Centre for Applied Financial Studies, School of Commerce, University of South Australia, Australia;3. School of Economics, Finance, and Marketing, RMIT University, Australia;1. Department of Physics, National Central University, Jhongli 32001, Taiwan;2. Institute of Physics, Academia Sinica, Taipei 11529, Taiwan |
| |
| Abstract: | The influence of speculation on market performance has long been discussed. Under the framework of bounded rationality in which traders are endowed with different intelligence levels in terms of different learning styles or different representations of intelligence, we examine the effects of traders’ intelligence on price discovery based on “intraday” data, and market efficiency. We find that intelligence does help improve market performance. However, the influence of different intelligence levels on the market crucially depends on the characteristics of learning styles or the representation of intelligence. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
