Lee, Jung-juei; Zu, Lon-ping; Wang, Ming-chang; Kuo, … - In: Applied financial economics 19 (2009) 19/21, pp. 1661-1674
This study develops a multiple-period, competitive rational expectations model for examining how competitive informed traders time their informed trading and how information is incorporated into prices. It is found that informed traders may choose either to trade early or late on their...