Insider trading, investment, and liquidity: a welfare analysis

Detalhes bibliográficos
Autor(a) principal: Bhattacharya, Sudipto
Data de Publicação: 1999
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12132
Resumo: We compare competitive equilibrium outcomes with and without trading by a privately infonned 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The welfare implications of insider trading for the ex ante expected utilities of outsiders are analyzed. The role of interim infonnation revelation due to insider trading, in improving the risk-sharing among outsiders with stochastic liquidity needs, is examined in detaiL
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spelling Bhattacharya, SudiptoEscolas::EPGEFGV2014-10-16T14:01:48Z2014-10-16T14:01:48Z1999-08-17http://hdl.handle.net/10438/12132We compare competitive equilibrium outcomes with and without trading by a privately infonned 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The welfare implications of insider trading for the ex ante expected utilities of outsiders are analyzed. The role of interim infonnation revelation due to insider trading, in improving the risk-sharing among outsiders with stochastic liquidity needs, is examined in detaiLengEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessIncomplete marketsPrivate informationRational expectationsPortfolio choiceEconomiaMercado financeiroInvestimentosInsider trading, investment, and liquidity: a welfare analysisinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000089240.pdf000089240.pdfapplication/pdf1243762https://repositorio.fgv.br/bitstreams/7138da11-8ede-4658-acf1-f7a86d8ea141/download870743c6ddc4f5735f5cba025c354f17MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv Insider trading, investment, and liquidity: a welfare analysis
title Insider trading, investment, and liquidity: a welfare analysis
spellingShingle Insider trading, investment, and liquidity: a welfare analysis
Bhattacharya, Sudipto
Incomplete markets
Private information
Rational expectations
Portfolio choice
Economia
Mercado financeiro
Investimentos
title_short Insider trading, investment, and liquidity: a welfare analysis
title_full Insider trading, investment, and liquidity: a welfare analysis
title_fullStr Insider trading, investment, and liquidity: a welfare analysis
title_full_unstemmed Insider trading, investment, and liquidity: a welfare analysis
title_sort Insider trading, investment, and liquidity: a welfare analysis
author Bhattacharya, Sudipto
author_facet Bhattacharya, Sudipto
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Bhattacharya, Sudipto
dc.subject.eng.fl_str_mv Incomplete markets
Private information
Rational expectations
Portfolio choice
topic Incomplete markets
Private information
Rational expectations
Portfolio choice
Economia
Mercado financeiro
Investimentos
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Mercado financeiro
Investimentos
description We compare competitive equilibrium outcomes with and without trading by a privately infonned 'monopolistic' insider, in a model with real investment portfolio choices ex ante, and noise trading generated by aggregate uncertainty regarding other agents' intertemporal consumption preferences. The welfare implications of insider trading for the ex ante expected utilities of outsiders are analyzed. The role of interim infonnation revelation due to insider trading, in improving the risk-sharing among outsiders with stochastic liquidity needs, is examined in detaiL
publishDate 1999
dc.date.issued.fl_str_mv 1999-08-17
dc.date.accessioned.fl_str_mv 2014-10-16T14:01:48Z
dc.date.available.fl_str_mv 2014-10-16T14:01:48Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12132
url http://hdl.handle.net/10438/12132
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de pesquisa econômica da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
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institution FGV
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collection Repositório Institucional do FGV (FGV Repositório Digital)
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