Inside trading, public disclosure and imperfect competition

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