Existence of linear equilibria in the Kyle model with multiple informed traders

by Georg Nöldeke and Thomas Tröger

We consider Kyle's market order model of insider trading with multiple informed traders and show: if a linear equilibrium exists for two different numbers of informed traders, asset payoff and noise trading are independent and have finite second moments, then these random variables are normally distributed.

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Year of publication:	January 2001
Authors:	Nöldeke, Georg ; Tröger, Thomas
Publisher:	Bonn : Bonn Graduate School of Economics, Department of Economics, University of Bonn
Subject:	insider trading \| Kyle model \| linear equilibrium \| normal distribution \| Insiderhandel \| Insider trading \| Auktionstheorie \| Auction theory \| Asymmetrische Information \| Asymmetric information \| Effizienzmarkthypothese \| Efficient market hypothesis \| Stabilität eines Gleichgewichts \| Stability of equilibrium \| Theorie \| Theory

Extent:	1 Online-Ressource (circa 11 Seiten)
Series:	Bonn Econ Discussion Papers / BGSE. - Bonn : Univ., ZDB-ID 2124986-6. - Vol. 2001, 1
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/78378 [Handle]
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D82 - Asymmetric and Private Information ; G14 - Information and Market Efficiency; Event Studies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011538847