Making money out of publicly available information

It is received financial wisdom that when there is free entry by speculators, it is impossible to generate net profits on publicly available information. In this paper we study a version of the standard Kyle (85) model with endogenous information acquisition and we find that equilibria exist with fr...

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Bibliographic Details
Main Authors: Morrison, A, Vulkan, N
Format: Working paper
Published: University of Oxford 2003