Insider trading, investment, and liquidity: a welfare analysis
Autor(a) principal: | |
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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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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 |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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