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A Characterization of the Distributions That Imply Existence of Linear Equilbria in the Kyle-Model
Nöldeke, Georg; Tröger, Thomas - 2005
The existence of a linear equilibrium in Kyle's model of market making with multiple, symmetrically informed strategic traders is implied for any number of strategic traders if the joint distribution of the underlying exogenous random variables is elliptical. The reverse implication has been...
Persistent link: https://www.econbiz.de/10010263132
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Do prices in the unmediated call auction reflect insider information?: an experimental analysis
Brünner, Tobias; Levínský, René - 2008
The unmediated call auction is a useful trading mechanism to aggregate dispersed information. Its ability to incorporate information of a single informed insider, however, is less well understood. We analyse this question by presenting a simple call auction game where both auction prices and...
Persistent link: https://www.econbiz.de/10010275685
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Which information should entrepreneurs on German crowdinvesting-platforms disclose?
Mäschle, Oliver - 2012
The disclosure requirements for firms issuing equity on German crowdinvestingplatforms are quite lax at the moment. This paper states that this loose requirement policy is not optimal in the presence of competition among platforms. First, a simple three-staged theoretical model is derived to...
Persistent link: https://www.econbiz.de/10010319286
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Trading strategies and trading profits in experimental asset markets with cumulative information
Stöckl, Thomas; Kirchler, Michael - 2010
We study the use of trading strategies and their profitability in experimental asset markets with asymmetrically informed traders. We find that insiders make most of their profits from trades which are initiated by their limit orders especially at the beginning of a period and when the change in...
Persistent link: https://www.econbiz.de/10010294842
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Inefficient markets
Goeree, Jacob K.; Zhang, Jingjing - 2012
Traders' values and information typically consist of both private and common-value elements. In such environments, full allocative efficiency is impossible when the private rate of information substitution differs from the social rate (Jehiel and Moldovanu, 2001). We link this impossibility...
Persistent link: https://www.econbiz.de/10010316881
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Informed trading, information asymmetry and pricing of information risk: Empirical evidence from the NYSE
Yadav, Pradeep K.; Bardong, Florian; Bartram, Söhnke M. - 2009
informed trading on firm characteristics that is largely consistent with intuition and earlier theory and empirical evidence …
Persistent link: https://www.econbiz.de/10010302554
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Information sales and insider trading with long-lived information
Cespa, Giovanni - 2007
Fundamental information resembles in many respects a durable good. Hence, the effects of its incorporation into stock prices depend on who is the agent controlling its flow. Like a durable goods monopolist, a monopolistic analyst selling information intertemporally competes against herself. This...
Persistent link: https://www.econbiz.de/10010284162
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Are Market Makers Uninformed and Passive? Signing Trades in The Absence of Quotes
van der Wel, Michel; Menkveld, Albert; Sarkar, Asani - 2009
the role of the market maker. Most theory characterizes him as an uninformed passive liquidity supplier. Our results …
Persistent link: https://www.econbiz.de/10010326072
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The Importance of Emotions for the Effectiveness of Social Punishment
Hopfensitz, Astrid; Reuben, Ernesto - 2005
anger, ‘social’ emotions like shame and guilt need to be present for punishment to be an effective deterrent of …
Persistent link: https://www.econbiz.de/10010325579
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Punishment : and beyond
Frey, Bruno S. - 2009
This paper argues that the Economics of Crime concentrates too much on punishment as a policy to fight crime, which is … unwise for several reasons. There are important instances in which punishment simply cannot reduce crime. Several feasible … alternatives to punishment exist, such as offering positive incentives or handing out awards for law abiding behavior. These …
Persistent link: https://www.econbiz.de/10010266023