?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.title=Herd+behavior+in+financial+markets%3A+a+field+experiment+with+financial+market+professionals&rft.creator=Cipriani%2C+M.&rft.creator=Guarino%2C+A.&rft.description=We+study+herd+behavior+in+a+laboratory+financial+market+with+financial%0D%0Amarket+professionals.+We+compare+two+treatments%3A+one+in%0D%0Awhich+the+price+adjusts+to+the+order+flow+in+such+a+way+that+herding%0D%0Ashould+never+occur%2C+and+one+in+which+the+presence+of+event+uncertainty%0D%0Amakes+herding+possible.+In+the+first+treatment%2C+traders+seldom+herd%2C%0D%0Ain+accordance+with+both+the+theory+and+previous+experimental+evidence%0D%0Aon+student+subjects.+A+proportion+of+traders%2C+however%2C+engage%0D%0Ain+contrarianism%2C+something+not+accounted+for+by+the+theory.+In+the%0D%0Asecond+treatment%2C+on+the+one+hand%2C+the+proportion+of+herding+decisions%0D%0Aincreases%2C+but+not+as+much+as+the+theory+would+suggest%3B+on+the%0D%0Aother+hand%2C+contrarianism+disappears+altogether.+In+both+treatments%2C%0D%0Ain+contrast+with+what+theory+predicts%2C+subjects+sometimes+prefer+to%0D%0Aabstain+from+trading%2C+which+affects+negatively+the+process+of+price+discovery.&rft.publisher=ESRC+Centre+for+Economic+Learning+and+Social+Evolution&rft.date=2007-06&rft.type=Working+%2F+discussion+paper&rft.language=eng&rft.source=++++(ELSE+Working+Papers++272).+ESRC+Centre+for+Economic+Learning+and+Social+Evolution%3A+London%2C+UK.+(2007)+++++&rft.format=application%2Fpdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F14427%2F1%2F14427.pdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F14427%2F&rft.rights=open