(consequently stock price) without losing his reputation when there is information asymmetry. We also show that there is a trade …

We examine whether brokers in order-driven markets possess an information advantage over their customers. We compare …’ access to order flow is a potential source of their information advantage. These results may help regulators improve the …

banks penalized for potentially holding private information? To answer this question we merge CDS trades reported under the … trading with other investors. Our findings suggest that banks hold valuable private information which is shared in their … trades with dealers. Dealers then disseminate this information to financial markets. …

This paper explores an equilibrium model for industry entry dynamics and technological change. We focus on the share …