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    Please use this identifier to cite or link to this item: http://ir.lib.ksu.edu.tw/handle/987654321/5651

    Title: Stackelberg Real-Leader in an Insider Trading Model
    Authors: 王雅津(Ya-Chin Wang)
    Leonard F.S. Wang
    Keywords: Cournot Duopoly
    Stackelberg leader
    Insider trading
    Correlated signals
    Stock price
    Date: 2009
    Issue Date: 2009-11-15 02:19:45 (UTC+8)
    Abstract: In this paper, we extend the work of Jain-Mirman (2000,2002) and
    Daher-Mirman (2006,2007) on studying the insider trading issues in the stock market
    under a Cournot-Stackelberg duopoly.
    Methodology/approach –This paper models the competition among the insiders in the
    real market be Stackelberg which reflects that for all outside and inside reasons, the
    position and influence of a firm may become the leader or the follower as time goes by.
    Findings –It demonstrates that when the listed company with insiders becomes the
    leader in the industry, the reaction functions of insiders will change as well as the
    parameters of the market, to signal from real and financial sides, but the amount traded by
    insiders remains the same; so does the degree of information revelation. In addition, for
    the information revealed to the public, the stock price reveals more information with
    Stackelberg real-leader model than that of the Stackelberg financial-leader model.
    Originality/value –The main contribution of this paper is that market makers can very
    well observe signals from the real side, and bringing a signal from the real side can help
    the stock market reveal more information, but once the signal is introduced, it may not
    further enhance market efficiency.
    Relation: Studies in Economics and Finance
    Appears in Collections:[金融管理系] 期刊論文

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