The impact of public information on insider trading

被引：32
|
作者：
Luo, SL [1 ]
机构：
[1] Acad Sinica, Inst Appl Math, Beijing 100080, Peoples R China
来源：
ECONOMICS LETTERS | 2001年 / 70卷 / 01期
关键词：
insider trading; public information; private information; Nash equilibrium;
D O I：
10.1016/S0165-1765(00)00347-5
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the impact of public information on insider trading in the context of Kyle's speculative market. The linear Nash equilibrium is characterized analytically. We find that public information is detrimental for the insider and beneficial for the liquidity traders. The insider puts a negative weight on the public information in formulating his optimal strategy. The equilibrium price becomes more informative when there exists public information. (C) 2001 Elsevier Science B.V. All rights reserved. JEL classification: C72; D43; D82.
引用
收藏
页码：59 / 68
页数：10
相关论文
共 50 条
  • [1] Insider trading with public and shared information
    Liu, Hong
    Zhang, Zhixiang
    [J]. ECONOMIC MODELLING, 2011, 28 (04) : 1756 - 1762
  • [2] SPECIAL INFORMATION AND INSIDER TRADING
    JAFFE, JF
    [J]. JOURNAL OF BUSINESS, 1974, 47 (03): : 410 - 428
  • [3] Government Ownership and the Public Information Content of Insider Trading: International Evidence
    Hossain, Md Zakir
    Pham, Man Duy
    Treepongkaruna, Sirimon
    Yu, Jing
    [J]. EUROPEAN ACCOUNTING REVIEW, 2024,
  • [4] Insider Trading and Corporate Information Transparency
    Gu, Feng
    Li, John
    [J]. FINANCIAL REVIEW, 2012, 47 (04) : 645 - 664
  • [5] Analyst talent, information, and insider trading
    Dang, Chongyu
    Foerster, Stephen
    Li, Zhichuan
    Tang, Zhenyang
    [J]. JOURNAL OF CORPORATE FINANCE, 2021, 67
  • [6] INSIDER TRADING AS A SIGNAL OF PRIVATE INFORMATION
    DAMODARAN, A
    LIU, CH
    [J]. REVIEW OF FINANCIAL STUDIES, 1993, 6 (01): : 79 - 119
  • [7] Insider trading with correlation between liquidity trading and a public signal
    Nishide, Katsumasa
    [J]. QUANTITATIVE FINANCE, 2009, 9 (03) : 297 - 304
  • [8] INSIDER TRADING WITH TEMPORARY PRICE IMPACT
    Barger, Weston
    Donnelly, Ryan
    [J]. INTERNATIONAL JOURNAL OF THEORETICAL AND APPLIED FINANCE, 2021, 24 (02)
  • [9] Do insiders profit from public environmental information? Evidence from insider trading
    El Ghoul, Sadok
    Fu, Zhengwei
    Guedhami, Omrane
    Kim, Yongwon
    [J]. GLOBAL FINANCE JOURNAL, 2024, 60
  • [10] Corporate Diversification, Information Asymmetry and Insider Trading
    Ataullah, Ali
    Davidson, Ian
    Le, Hang
    Wood, Geoffrey
    [J]. BRITISH JOURNAL OF MANAGEMENT, 2014, 25 (02) : 228 - 251
12345