全球智库信息集成服务系统(G2TT): Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4315
来源ID	Working Paper 4315
	Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing
	James Dow; Gary Gorton
发表日期	1993-04-01
出版年	1993
语种	英语
摘要	This paper presents a simple general equilibrium model of asset pricing in which profitable informed trading can occur without any "noise" added to the model. It shows that models of profitable informed trading must restrict the portfolio choices of uninformed traders: in particular, they cannot buy the market portfolio. In this model, profitable informed trading lowers the welfare of all agents when compared across steady states.
主题	Financial Economics ; Portfolio Selection and Asset Pricing
URL	https://www.nber.org/papers/w4315
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561679
推荐引用方式 GB/T 7714	James Dow,Gary Gorton. Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing. 1993.