• Insider trading with non-fiduciary market makers 

      Aase, Knut K.; Gjesdal, Frøystein (Discussion paper;8/16, Working paper, 2016-05-23)
      The single auction equilibrium of Kyle's (1985) 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 ...