Existence of Linear Equilibria in the Kyle Model with Multiple Informed Traders

We consider Kyle's market order model of insider trading with multiple informed traders and show: if a linear equilibrium exists for two different numbers of informed traders, asset payoff and noise trading are independent and have finite second moments, then these random variables are normally distributed.

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Year of publication:	2001
Authors:	Nöldeke, Georg ; Tröger, Thomas
Publisher:	Bonn : University of Bonn, Bonn Graduate School of Economics (BGSE)
Subject:	insider trading \| Kyle model \| linear equilibrium \| normal distribution

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Series:	Bonn Econ Discussion Papers ; 1/2001
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	86936801X [GVK] hdl:10419/78378 [Handle] RePEc:zbw:bonedp:12001 [RePEc]
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D82 - Asymmetric and Private Information ; G14 - Information and Market Efficiency; Event Studies
Source:	EconStor

Persistent link: https://www.econbiz.de/10010317636