تجارت داخلی, افشای عمومی و رقابت ناقص

We present a multi-period trading model in the style of Kyle's (1985) inside trading model, by assuming that there are at least two insiders in the market with long-lived private information, under the requirement that each insider publicly disclose his stock trades after the fact. The influences of “public disclosure” and “competition among insiders” on the trading behaviors of insiders and the market are studied. Moreover, we give the exact speed of the revelation of the private information, and show that all information is revealed immediately and the market depth goes to infinity immediately as trading happens infinitely frequently.