Insiders-outsiders, transparency and the value of the ticker

In this paper, the authors consider a multi-period rational expectations model in which risk-averse investors differ in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay.

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Year of publication:	2008-09-01
Authors:	Foucault, Thierry ; Cespa, Giovanni
Institutions:	HEC Paris (École des Hautes Études Commerciales)
Subject:	market data sale \| latency \| transparency \| price discovery \| Hirsh-leifer effect

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Extent:	application/pdf
Series:	Les Cahiers de Recherche.
Type of publication:	Book / Working Paper
Language:	English
Notes:	The text is part of a series Les Cahiers de Recherche - Groupe HEC Number 892 40 pages
Classification:	D46 - Value Theory ; D53 - Financial Markets
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005011529