Blar i NHH Brage på emneord "non-fiduciary market maker"
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Strategic Insider Trading Equilibrium with a non-fiduciary market maker
(Discussion paper;2/19, Working paper, 2019-08-28)The continuous-time version of Kyle's (1985) model is studied, in which market makers are not fiduciaries. They have some market power which they utilize to set the price to their advantage, resulting in positive expected ...