Information Dissemination on Asset Markets withEndogenous and Exogenous Information:An Experimental Approacha

In this paper we study information revelation on asset markets with endogenousand exogenous information. Our results indicate that superior informationcan only be exploited in the beginning of trading. Information disseminateson the market and informational advantages are counter-balancedover time. This result holds true for both, exogenous and precise endogenousinformation. Vague endogenous information, however, has no impacton individual payoff. Furthermore, we find that excessive trading decreasesindividual earnings.