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| Author: | Biais, B. Hillion, P. |
| Title: | Insider and liquidity trading in stock and options markets |
| Journal: | Review of Financial Studies
1994 : WINTER, VOL. 7:4, p. 743-780 |
| Index terms: | OPTIONS STOCK MARKETS LIQUIDITY |
| Language: | eng |
| Abstract: | The authors analyze the introduction of a nonredundant option, which completes the markets, and the effects of this on information revelation and risk sharing. The option alters the interaction between liquidity and insider trading. They find that the option mitigates the market breakdown problem created by the combination of market incompleteness and asymmetric information. The introduction of the option has ambiguous consequences on the informational efficiency of the market. |
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