G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4667
DP4667 Information Sales and Insider Trading
Giovanni Cespa
发表日期2004-10-23
出版年2004
语种英语
摘要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. Similarly to a durable goods monopolist, a monopolistic analyst selling information intertemporally competes against themself. This forces them to partially relinquish control over the information flow to traders. Conversely, an insider solves the intertemporal competition problem through vertical integration, thus exerting a tighter control over the flow of information. Comparing market patterns I show that a dynamic market where information is provided by an analyst is thicker and more informative than one where an insider trades.
主题Financial Economics
关键词Information sales Analysts Insider trading Durable goods monopolist
URLhttps://cepr.org/publications/dp4667
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/533588
推荐引用方式
GB/T 7714
Giovanni Cespa. DP4667 Information Sales and Insider Trading. 2004.
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