Front-Running by Mutual Fund Managers : It Ain't That Bad
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.
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|Date of creation:||Aug 1996|
|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 21 692.33.20
Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
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