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 situation in which the insider with fundamentals-information competes against an insider with trade-information and in which noise trading in endogenized.
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Bibliographic InfoPaper provided by Université de Lausanne, Faculté des HEC, DEEP in its series Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) with number 9618.
Length: 32 pages
Date of creation: Aug 1996
Date of revision:
Publication status: Published in European Finance Review, vol. 2 (1), 1998, pp. 29-56
Contact details of provider:
Postal: Université de Lausanne, Faculté des HEC, DEEP, Internef, CH-1015 Lausanne
Phone: ++41 21 692.33.64
Fax: ++41 21 692.33.05
Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
More information through EDIRC
front-running; insider trading; noise trading;
Other versions of this item:
- Danthine, J-P & Moresi, S, 1996. "Front-Running by Mutual Fund Managers : It Ain't That bad," Papers 96-21, Columbia - Graduate School of Business.
- 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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