Informed Trading When Information Becomes Stale
نویسندگان
چکیده
منابع مشابه
Informed Trading When Information Becomes Stale
This paper characterizes informed trade when speculators can acquire distinct signals of varying quality about an asset’s value at different dates. The most reasonable characterization of private information about stocks is that while information is longlived, new information will arrive over time, information that may be acquired by others. Hence, while a speculator may know more than others a...
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Securities Trading when Liquidity Providers are Informed Abstract We study securities trading when liquidity is provided by informed agents—either because dealers have superior access to market information or because informed traders exploit strategies involving limit orders. In the case of informed dealers, we show that dealers and informed traders profit more at the expense of uninformed liqu...
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This paper, in a Shapley-Shubik market game framework, examines the effect of “leakage” of information: private information becoming available to uninformed traders at a later date. We show that (a) If information acquisition by the informed traders is costless, this leads to faster revelation of information; (b) If information acquisition is costly, there may be no acquisition of information; ...
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In this paper we examine the problem of balancing load in a large-scale distributed system when information about server loads may be stale. It is well known that sending each request to the machine with the apparent lowest load can behave badly in such systems, yet this technique is common in practice. Other systems use round-robin or random selection algorithms that entirely ignore load infor...
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We report the case of a young man who accidentally received a prolonged electric discharge from electrical wires and released the electric source with the help of an inappropriate shock from his implantable cardioverter-defibrillator (ICD), after misinterpretation of the electrical signal by the device as a ventricular tachycardia. This case illustrates the "electrical noise" phenomenon, and un...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2004
ISSN: 0022-1082
DOI: 10.1111/j.1540-6261.2004.00635.x