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Front-Running by Mutual Fund Managers : It Ain't That Bad

Author

Listed:
  • Jean-Pierre DANTHINE
  • Serge MORESI

Abstract

This 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.

Suggested Citation

  • Jean-Pierre DANTHINE & Serge MORESI, 1996. "Front-Running by Mutual Fund Managers : It Ain't That Bad," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9618, Université de Lausanne, Faculté des HEC, DEEP.
  • Handle: RePEc:lau:crdeep:9618
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    Keywords

    front-running; insider trading; noise trading;

    JEL classification:

    • 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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