Sequential Financial Market Trading: The Role of Endogenous Timing
نویسنده
چکیده
The paper analyses a simplified version of a Glosten-Milgrom style specialist security trading model with trade-timing. In a setting where traders are differentially informed, if the best-informed investors have a sufficiently strong or weak impact on prices then the investors with the strongest impact on prices delay their investment strategically, pretending to be the low-impact types. JEL Classification: C70, D80, D83, D84, G12, G14.
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