Front-Running by Mutual Fund Managers : It Ain't That bad
AbstractThis paper evaluates the welfare implications of front-running by mutual fund managers. It extends the model of Kyle (1985) to a sitaution in which the insider with fundamentals-information competes against an insider with trade-information and in which noise trading is endogenized.
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Bibliographic InfoPaper provided by Columbia - Graduate School of Business in its series Papers with number 96-21.
Length: 32 pages
Date of creation: 1996
Date of revision:
Contact details of provider:
Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Phone: (212) 854-5553
Web page: http://www.columbia.edu/cu/business/
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INFORMATION ; FINANCIAL INSTITUTIONS;
Other versions of this item:
- Jean-Pierre DANTHINE & Serge MORESI, 1996. "Front-Running by Mutual Fund Managers : It Ain't That Bad," Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP) 9618, Université de Lausanne, Faculté des HEC, DEEP.
- Danthine, Jean-Pierre & Moresi, Serge X, 1996. "Front-running by Mutual Fund Managers: It ain't that Bad," CEPR Discussion Papers 1528, C.E.P.R. Discussion Papers.
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
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