Information Ambiguity, Market Institutions, and Asset Prices: Experimental Evidence

The authors thank the editor, Camelia Kuhnen; an associate editor; and two anonymous referees along with Soo Hong Chew, Ernan Haruvy, Daniel Houser, Shaowei Ke, Juanjuan Meng, Rosemarie Nagel, Ronald Peeters, and Songfa Zhong for constructive comments and suggestions that substantially improved the paper. The authors also benefited from stimulating discussions of the paper at the 2019 Shanghai University of Finance and Economics Behavioral and Experimental Economics Workshop in Shanghai, the 2019 Decision Theory, Experiment, and Application China Conference in Chengdu, the 2019 Society for Experimental Finance Asia-Pacific Annual Regional Conference in Singapore, the 2020 Economic Science Association Global Conference, the 2020 Virtual Experimental Finance Workshop, and a seminar at Peking University. The IT assistance provided by the Laboratory of Computation and Analytics of Complex Management Systems (CACMS), Tianjin University, Tianjin, 300072, China, is acknowledged. The experimental protocol used in this study was approved by the institutional review board of NTU Singapore under approval number IRB-2018-01-035.