委托驱动市场知情交易与策略行为分析-analysis of informed trading and strategic behavior in the principal - driven market.docx

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委托驱动市场知情交易与策略行为分析-analysis of informed trading and strategic behavior in the principal - driven market.docx

委托驱动市场知情交易与策略行为分析-analysis of informed trading and strategic behavior in the principal - driven market

probabilityofinformedtradingwilldecrease.Andtheempiricalanalysisalsoshowsthatindusty-wideprivateinformationaffectsallthefirmsbelongingtothesameindustryatthesamedirection.Moreover,iftradersownheterogeneousinformationaboutmacroeconomicvariables,andtheheterogeneousinformationarenotyetaggeragatedbythemarket;orthemarkrthadrespondedtosomemacroeconomicinformation,buttheinformation’sannouncementhavelagging;orinsidertradershaveinsiderinformationaboutmacroeconmicnews,theinformationasymmetrywillincreaseduringtheannounmentperiodofmacroeconomicinformation.Thispaperpointsthepossibilitiesofthelastcircumstanc

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委托驱动市场知情交易与策略行为分析-analysis of informed trading and strategic behavior in the principal - driven market.docx