haku: @author Samuelson, L. / yhteensä: 14
viite: 7 / 14
| Tekijä: | Mirman, L. J. Samuelson, L. |
| Otsikko: | Information and equilibrium with inside traders |
| Lehti: | Economic Journal
1989 : VOL. 99:395, p. 152-167 |
| Asiasana: | INFORMATION INSIDER TRADING EQUILIBRIUM ANALYSIS BUYING |
| Kieli: | eng |
| Tiivistelmä: | An inside transfer possesses private information on which the trader would like to capitalize. A model is developed which captures four characteristics of inside trading. In this general equilibrium model there is a large, privately informed trader whose actions are masked by a stochastic price forming process and there are uninformed agents who condition their expectations only on current exogenous and past endogenous variables. Informed agents who receive favourable information reveal this information gradually by initially buying less of the asset than would be the case if such learning did not occur while those receiving unfavourable information initially sell less. In some cases uninformed agents can influence the insider's actions. |
SCIMA