This paper investigates the existence of equilibria with information-based black trading in a multiperiod market when no investor is constrained to block trade. Attention is restricted to equilibria in which a strategic uninformed institution (i.e., one which is forced to rebalance its portfolio, but is free to choose an optimal rebalancing strategy) is willing to trade a block rather than "break up" the block into a series of smaller trades. Examples of such equilibria are found and analyzed. Copyright 1990 by American Finance Association.
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Article provided by American Finance Association in its journal Journal of Finance.
Volume (Year): 45 (1990) Issue (Month): 1 (March) Pages: 73-94 Download reference. The following formats are available: HTML,
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