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What is Circuit Breakers about?
This paper investigates the effects of circuit breakers on market behavior through nine experimental asset markets, comparing three regulatory regimes: market closure, temporary halt, and no interruption. The findings indicate that while circuit breakers do not significantly affect price deviations from fundamental value or trading profits, they do influence trading activity, with mandated closures prompting participants to advance trades. The study highlights that information asymmetry is the primary drive
- Author
- Thor
- Language
- EN