دانلود مقاله ISI انگلیسی شماره 48893
عنوان فارسی مقاله

تشریح انحصار دوگانه و معاملات داخلی با دو طرف داخلی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48893 2006 22 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Cournot duopoly and insider trading with two insiders
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The Quarterly Review of Economics and Finance, Volume 46, Issue 4, September 2006, Pages 530–551

کلمات کلیدی
تشریح انحصار - معاملات داخلی - قیمت سهام - سیگنال های همبسته - مدل کایل
پیش نمایش مقاله
پیش نمایش مقاله تشریح انحصار دوگانه و معاملات داخلی با دو طرف داخلی

چکیده انگلیسی

We study the effect of competition among insiders in an extension of the static Kyle [Kyle, A. (1985). Continuous auctions and insider trading. Econometrica, 53, 1315–1335] model of insider trading introduced by Jain and Mirman (JMC) [Jain, N., & Mirman, L.J. (2002). Effects of insider trading under different market structures. The Quarterly Review of Economics and Finance, 42, 19–39]. In the JMC model competition in the real sector is introduced. In this paper we introduce competition in the stock sector in the JMC model by assuming that there is a manager who is responsible for making the real decisions of the firm as well as an ‘owner’ who has the same information as the manager but has no managerial responsibilities. In this way we can study the interaction between competition in the real sector and competition in the financial sector. We show that the stock price set by the market makers reveals more information than in the JMC model and that the expected equilibrium values of the manager’s profits sometimes decline and sometimes increase depending on the exogenous parameters of the model. Moreover, we prove that due to the competition in the financial sector, the level of output produced by the firm is less than in JMC. Finally, we also study the effect of financial competition in the case in which the market makers receive only one signal and analyze the comparative statics in this case.

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