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...
| Main Authors: | , |
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| Format: | Working paper |
| Udgivet: |
University of Oxford
2003
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