Front-Running by Mutual Fund Managers : It Ain't That Bad

This paper evaluates the welfare implications of front-running by mutual fund managers. It extends the model of Kyle (1985) to a situation in which the insider with fundamentals-information competes against an insider with trade-information and in which noise trading in endogenized.

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Year of publication:	1996-08
Authors:	DANTHINE, Jean-Pierre ; MORESI, Serge
Institutions:	Départment d'économétrie et d'économie politique (DEEP), Faculté des Hautes Études Commerciales (HEC)
Subject:	front-running \| insider trading \| noise trading

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Series:	Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP).
Type of publication:	Book / Working Paper
Notes:	Published in European Finance Review, vol. 2 (1), 1998, pp. 29-56 32 pages
Classification:	G14 - Information and Market Efficiency; Event Studies ; G23 - Pension Funds; Other Private Financial Institutions
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005292685