Information sales and strategic trading
We study information sales in financial markets with strategic risk-averse traders. The
optimal selling mechanism is one of the following two:(i) sell to as many agents as possible …
optimal selling mechanism is one of the following two:(i) sell to as many agents as possible …
A model of portfolio delegation and strategic trading
AS Kyle, H Ou-Yang, B Wei - The Review of Financial Studies, 2011 - academic.oup.com
This article endogenizes information acquisition and portfolio delegation in a one-period
strategic trading model. We find that, when the informed portfolio manager is relatively risk …
strategic trading model. We find that, when the informed portfolio manager is relatively risk …
Sale of price information by exchanges: does it promote price discovery?
Exchanges sell both trading services and price information. We study how the joint pricing of
these products affects price discovery and the distribution of gains from trade in an asset …
these products affects price discovery and the distribution of gains from trade in an asset …
Information sales and strategic trading
D García, F Sangiorgi - 2007 - ideas.repec.org
We study information sales in financial markets with strategic risk-averse traders. Our main
result establishes that the optimal selling mechanism is one of the following two:(i) sell to as …
result establishes that the optimal selling mechanism is one of the following two:(i) sell to as …
Strategic Trading with Endogenous Fundamental and Non-Fundamental Information Acquisition
M Demarquette - Available at SSRN 2808597, 2016 - papers.ssrn.com
We study information acquisition in a strategic setting where traders can produce either
fundamental information or non-fundamental information. Fundamental information is …
fundamental information or non-fundamental information. Fundamental information is …