منابع مشابه
Market Quality and Insider Trading on an Experimental Capital Market
This experimental study is based on an examination by Theissen (2000), who compared single trading mechanisms. In contrast to his work, trading behaviour, market efficiency and market liquidity are also analyzed on an extended market, consisting of a call and a continuous auction in one trading period. In addition, the experimental design incorporates traders with perfect information of the fun...
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This paper assesses whether the enforcement of insider trading laws increases or decreases patent-based measures of technological innovation. Based on about 75,000 industry-countryyear observations across 94 economies from 1976 to 2006, we find evidence consistent with the view that enforcing insider trading laws spurs innovation—as measured by patent intensity, scope, impact, generality, and o...
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We consider the Kyle-Back model for insider trading, with the difference that the classical Brownian motion noise of the noise traders is replaced by the noise of a fractional Brownian motion BH with Hurst parameter H > 12 (when H = 1 2 , B H coincides with the classical Brownian motion). Heuristically, for H > 12 this means that the noise traders has some “memory”, in the sense that any increm...
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We present a noisy rational expectations equilibrium model in which agents who possess private information regarding the profitability of a firm are required to provide advance disclosure of their trading activity. We analytically characterize an equilibrium and conduct a numerical analysis to evaluate the implications of advance disclosure relative to a market in which informed agents trade wi...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2652895