11月27日 | 戴亮:Insider trading when there may not be an insider

时间:2019-11-27浏览:10设置

时间:2019-11-27周三13:30-15:00

地点:中北校区理科大楼A306会议室   

讲座主题:Insider trading when there may not be an insider

主讲:戴亮 副教授

摘要: We study the interaction between the usual inside information (about asset values) and information about its existence (i.e., about the existence of insiders) in an otherwise standard continuous-time Kyle-Back model. Interestingly, only the inside information, conditional on its existence, rather than the information about its existence, is revealed in equilibrium and affects asset prices and market liquidity, and it is revealed asymptotically in the long run. Our model sheds light on the impact of stock market regulations on market liquidity and reconciles the relevant mixed empirical findings.

演讲人简介:戴亮,上海交通大学安泰经济与管理学院金融系副教授,美国普林斯顿大学经济学博士。主要从事微观经济学理论,特别是全局博弈(global games)和理性疏忽(rational inattention)等信息经济学问题的研究。其研究发表于Journal of Economic Theory等国际一流期刊。

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