Insider Trading with Different Market Structures

摘要: The recent theoretical research on the informational effect of insider trading in spirit Kyle (1985) and Jain Mirman (1999) was mainly interested interaction between financial real decisions insider, taking into consideration different market structures both markets. However, none investigated importance competition structure modeled alone, dissemination information. In this paper, we highlight information revelation. For purpose, first extend to incorporate: (i) Cournot among insiders (Model I), (ii) Stackelberg II). We then add a Model II, where publicly-owned firm is quantity-setting monopolist III). last model allows investigate does interfere relatively II. show how equilibrium outcomes are affected by each perform comparative statics analysis models.