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Persistent link: https://www.econbiz.de/10015173358
Corruption among central banks induces distorted policies by, first, increasing the inflation bias and, second, potentially inducing a pro-cyclical adjustment of employment. In response to a negative supply shock a corrupt central banker is tempted to decrease money supply. In this case, he...
Persistent link: https://www.econbiz.de/10009424461
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...
Persistent link: https://www.econbiz.de/10011538847
We characterize how informed investors trade in the options market ahead of corporate news when they receive private, but noisy, information about (i) the timing of the announcement and (ii) its impact on stock prices. Our theoretical framework generates a rich set of predictions about the...
Persistent link: https://www.econbiz.de/10011541417
This paper develops a model to study the formation and regulation of information transmission networks. We analyze a cat and mouse game between a regulator, who sets and enforces a regulatory environment, and agents, who form networks to disseminate and share insider information. For any given...
Persistent link: https://www.econbiz.de/10011894382
theory to show how an interbank lending rates cartel can be sustained by preemptive portfolio changes. Exchange of …
Persistent link: https://www.econbiz.de/10011780773
Persistent link: https://www.econbiz.de/10011760841
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theory to show how an interbank lending rates cartel can be sustained by preemptive portfolio changes. Exchange of …
Persistent link: https://www.econbiz.de/10011791538
This paper shows that real decisions depend not only on the total amount of information in prices, but the source of this information -- a manager learns from prices when they contain information not possessed by him. We use the staggered enforcement of insider trading laws across 27 countries...
Persistent link: https://www.econbiz.de/10011800880