-  תקציר מפירסומי מרכז מחקר orif לשוק ההון  -

 The effects of market design on the informational efficiency and manipulation of prices

Shmuel Hauser is from Ono Academic College and Ben Gurion University, Israel. Avraham Kamara is from the University of Washington. Itzik Shurki is from the Israel Securities Authority. Opinions expressed in this paper do not necessarily reflect the position of the Israel Securities Authority. We thank Yakov Amihud, Batia Filo, Ronen Madar, Amir Rubin, Orly Sade, Sunil Wahal, and seminar participants at the University of Washington, the Pacific Northwest Finance 2006 Conference, and the WFA 2008 Annual Meeting for their helpful comments. A. Kamara thanks the CFO Forum and Global Business Center at the University of Washington for their financial support.