Strategic trading when some investors receive information before others
作者： Minh T. Vo
DOI: 10.1016/J.IREF.2006.08.005
关键词: Trading strategy 、 Financial economics 、 Exploit 、 Economics 、 Information asymmetry 、 Market microstructure 、 Game theory
摘要: Abstract This paper examines trading and price behavior when some investors receive information before others. It shows that early-informed trade more intensely on the they share with late-informed at first to exploit it latter can do so. They reverse their strategy in second round. The also moves are positively correlated information. More interestingly, discovers under conditions, subsequent changes correlated. Finally, may behave like contrarians.
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