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Citations for "Using Privileged Information To Manipulate Markets: Insiders, Gurus And Credibility"

by Benabou, R. & Laroque, G.

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  1. Massa, Massimo & Simonov, Andrei, 2001. "Reputation and Interdealer Trading. A Microstructure Analysis of the Treasury Bond Market," SIFR Research Report Series 5, Institute for Financial Research.
  2. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2012. "The Credit Ratings Game," Journal of Finance, American Finance Association, vol. 67(1), pages 85-112, 02.
  3. Julan Du & Shang-Jin Wei, 2002. "Does Insider Trading Raise Market Volatility?," Working Papers 072002, Hong Kong Institute for Monetary Research.
  4. Marc-Andreas Muendler, 2005. "Rational Information Choice in Financial Market Equilibrium," CESifo Working Paper Series 1436, CESifo Group Munich.
  5. Dasgupta, Amil & Sarafidis, Yianis, 2009. "Managers as administrators: Reputation and incentives," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 155-163, May.
  6. LI, Ming & MYLOVANOV, Tymofiy, 2010. "Credibility for Sale - The Effect of Disclosure on Information Acquisition and Transmission," Cahiers de recherche 08-2010, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  7. Allen, Franklin & Gorton, Gary, 1992. "Stock price manipulation, market microstructure and asymmetric information," European Economic Review, Elsevier, vol. 36(2-3), pages 624-630, April.
  8. Becker, Bo & Milbourn, Todd, 2011. "How did increased competition affect credit ratings?," Journal of Financial Economics, Elsevier, vol. 101(3), pages 493-514, September.
  9. Archishman Chakraborty & Bilge Yilmaz, . "Nested Information and Manipulation in Financial Markets," Rodney L. White Center for Financial Research Working Papers 6-00, Wharton School Rodney L. White Center for Financial Research.
  10. Corneo, Giacomo, 2006. "Media capture in a democracy: The role of wealth concentration," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 37-58, January.
  11. Phelan, Christopher, 2006. "Public trust and government betrayal," Journal of Economic Theory, Elsevier, vol. 130(1), pages 27-43, September.
  12. Ming Li, 2003. "To Disclose or Not to Disclose: Cheap Talk with Uncertain Biases," Working Papers 04003, Concordia University, Department of Economics, revised Aug 2004.
  13. Chia-Hui Chen & Junichiro Ishida, 2014. "Careerist Experts and Political Incorrectness," ISER Discussion Paper 0894, Institute of Social and Economic Research, Osaka University.
  14. Massimiliano Landi & Domenico Colucci, 2006. "Rational and Boundedly Rational Behavior in Sender-receiver Games," Development Economics Working Papers 22460, East Asian Bureau of Economic Research.
  15. Tedeschi, Gabriele & Iori, Giulia & Gallegati, Mauro, 2012. "Herding effects in order driven markets: The rise and fall of gurus," Journal of Economic Behavior & Organization, Elsevier, vol. 81(1), pages 82-96.
  16. Luis A. Medrano & Xavier Vives, 1997. "Strategic behavior and price discovery," Economics Working Papers 238, Department of Economics and Business, Universitat Pompeu Fabra.
  17. Vasiliki Skreta & Laura Veldkamp, 2009. "Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation," NBER Working Papers 14761, National Bureau of Economic Research, Inc.
  18. Rudiger, Jesper & Vigier, Adrien, 2013. "Financial Experts, Asset Prices and Reputation," MPRA Paper 51784, University Library of Munich, Germany.
  19. Liu, Yaozhou Franklin & Sanyal, Amal, 2010. "When second opinions hurt: a model of expert advice under career concerns," MPRA Paper 27176, University Library of Munich, Germany.
  20. Jullien, Bruno & Park, In-Uck, 2009. "New, Like New, or Very Good? Reputation and Credibility," IDEI Working Papers 564, Institut d'Économie Industrielle (IDEI), Toulouse, revised 27 Jan 2014.
  21. Di Maggio, Marco, 2009. "Accountability and Cheap Talk," MPRA Paper 18652, University Library of Munich, Germany.
  22. Stefano Demichelis & Jörgen W. Weibull, 2007. "Language, meaning and games: a model of communication, coordination and evolution," Carlo Alberto Notebooks 61, Collegio Carlo Alberto.
  23. Alessandro Acquisti, 2014. "Inducing Customers to Try New Goods," Review of Industrial Organization, Springer, vol. 44(2), pages 131-146, March.
  24. Doherty, Neil A. & Kartasheva, Anastasia V. & Phillips, Richard D., 2012. "Information effect of entry into credit ratings market: The case of insurers' ratings," Journal of Financial Economics, Elsevier, vol. 106(2), pages 308-330.
  25. Johan Lagerlöf & Lars Frisell, 2004. "Lobbying, Information Transmission, and Unequal Representation," CIG Working Papers SP II 2004-02, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  26. Sebastián Nieto Parra & Javier Santiso, 2006. "The usual suspects: Investment Banks’ Recommendations and Emerging Markets," Sciences Po publications info:hdl:2441/806, Sciences Po.
  27. Elizabeth Demers & Clara Vega, 2008. "Soft information in earnings announcements: news or noise?," International Finance Discussion Papers 951, Board of Governors of the Federal Reserve System (U.S.).
  28. Stephen Morris, 2001. "Political Correctness," Journal of Political Economy, University of Chicago Press, vol. 109(2), pages 231-265, April.
  29. Antonio Cabrales & Piero Gottardi, 2009. "Markets for Information: Of Inefficient Firewalls and Efficient Monopolies," Economics Working Papers ECO2009/11, European University Institute.
  30. Bouvard, Matthieu & Levy, Raphael, 2013. "Two-sided reputation in certification markets," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 446, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  31. Oliver Board, 2002. "The Deception of the Greeks: Generalizing the Information Structure of Extensive Form Games," Economics Series Working Papers 137, University of Oxford, Department of Economics.
  32. Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 2002. "The Role of Large Players in Currency Crises," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 197-268 National Bureau of Economic Research, Inc.
  33. Monte, Daniel, 2013. "Bounded memory and permanent reputations," Journal of Mathematical Economics, Elsevier, vol. 49(5), pages 345-354.
  34. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories," IDEI Working Papers 762, Institut d'Économie Industrielle (IDEI), Toulouse.
  35. FOUCAULT, Thierry & LESCOURRET, Laurence, 2001. "Information sharing, liquidity and transaction costs in floor-based trading systems," Les Cahiers de Recherche 742, HEC Paris.
  36. Abreu, Dilip & Brunnermeier, Markus K., 2002. "Synchronization risk and delayed arbitrage," Journal of Financial Economics, Elsevier, vol. 66(2-3), pages 341-360.
  37. In-Uck Park, 2000. "Cheap Talk Reputation and Coordination of Differentiated Experts," Econometric Society World Congress 2000 Contributed Papers 1680, Econometric Society.
  38. Garvey, G.T. & Grant, S. & King, S.P., 1996. "Talking Down the Firm: Short-Term Market Manipulation and Optimal Management Compensation," Papers 297, Australian National University - Department of Economics.
  39. Mathis, Jérôme & McAndrews, James & Rochet, Jean-Charles, 2009. "Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?," Journal of Monetary Economics, Elsevier, vol. 56(5), pages 657-674, July.
  40. Tomasz Michalski & Gilles Stoltz, 2013. "Do countries falsify economic data strategically? Some evidence that they might," Post-Print halshs-00482106, HAL.
  41. Chauvin, Keith W. & Shenoy, Catherine, 2001. "Stock price decreases prior to executive stock option grants," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 53-76, March.
  42. Stephen Morris, 1998. "An Instrumental Theory of Political Correctness," Discussion Papers 1209, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  43. Christopher Polk & Paola Sapienza, 2004. "The Real Effects of Investor Sentiment," NBER Working Papers 10563, National Bureau of Economic Research, Inc.
  44. Robert Gibbons, 1997. "An Introduction to Applicable Game Theory," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 127-149, Winter.
  45. Matthew Pritsker, 2005. "Large investors: implications for equilibrium asset, returns, shock absorption, and liquidity," Finance and Economics Discussion Series 2005-36, Board of Governors of the Federal Reserve System (U.S.).
  46. Lydia Mechtenberg, 2006. "Cheap Talk in the Classroom," SFB 649 Discussion Papers SFB649DP2006-019, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  47. Ettore Damiano & Hao Li & Wing Suen, 2006. "Credible Ratings," Working Papers tecipa-219, University of Toronto, Department of Economics.
  48. DESGRANGES, Gabriel & FOUCAULT, Thierry, 2000. "Reputation-based pricing and price improvements in dealership markets," Les Cahiers de Recherche 716, HEC Paris, revised 01 Mar 2002.
  49. Helena Veiga & Marc Vorsatz, 2008. "Aggregation and dissemination of information in experimental asset markets in the presence of a manipulator," Statistics and Econometrics Working Papers ws084110, Universidad Carlos III, Departamento de Estadística y Econometría.
  50. CALCAGNO, Riccardo & LOVO, Stefano M., 1998. "Bid-ask price competition with asymmetric information between market makers," CORE Discussion Papers 1998016, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  51. Cees G. H. Diks & Dennis P. J. Botman, 2005. "The Role of Domestic and Foreign Investors in a Simple Model of Speculative Attacks," IMF Working Papers 05/205, International Monetary Fund.
  52. Holden, Craig W & Subrahmanyam, Avanidhar, 1996. "Risk Aversion, Liquidity, and Endogenous Short Horizons," Review of Financial Studies, Society for Financial Studies, vol. 9(2), pages 691-722.
  53. Beatriz Mariano, 2008. "Do reputational concerns lead to reliable ratings?," LSE Research Online Documents on Economics 24433, London School of Economics and Political Science, LSE Library.
  54. Demichelis, Stefano & Weibull, Jörgen, 2006. "Efficiency, communication and honesty," SSE/EFI Working Paper Series in Economics and Finance 645, Stockholm School of Economics, revised 28 Nov 2006.
  55. Laura Nyantung Beny, 2005. "Do Insider Trading Laws Matter? Some Preliminary Comparative Evidence," William Davidson Institute Working Papers Series wp741, William Davidson Institute at the University of Michigan.
  56. Sette, Enrico, 2011. "Competition and optimistic advice of financial analysts: Evidence from IPOs," Journal of Financial Intermediation, Elsevier, vol. 20(3), pages 441-457, July.
  57. Erik R. Fasten & Dirk Hofmann, 2010. "Two-sided Certification: The market for Rating Agencies," SFB 649 Discussion Papers SFB649DP2010-007, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  58. Dev, Pritha, 2013. "Transfer of information by an informed trader," Finance Research Letters, Elsevier, vol. 10(2), pages 58-71.
  59. Miriam Schütte & Philipp C. Wichardt, 2012. "Delegation in Long-Term Relationships," SOEPpapers on Multidisciplinary Panel Data Research 480, DIW Berlin, The German Socio-Economic Panel (SOEP).
  60. Earl A. Thompson & Jonathan Treussard & Charles R. Hickson, 2004. "Predicting Bubbles and Bubbles-Substitutes," UCLA Economics Working Papers 836, UCLA Department of Economics.
  61. Archishman Chakraborty & Rick Harbaugh, 2006. "Persuasion by Cheap Talk," Working Papers 2006-10, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy, revised Oct 2009.
  62. Irene Valsecchi, 2013. "The expert problem: a survey," Economics of Governance, Springer, vol. 14(4), pages 303-331, November.
  63. Jeffrey Ely & Jusso Valimaki, 2002. "Bad Reputation," NajEcon Working Paper Reviews 391749000000000514, www.najecon.org.
    • Jeffrey C. Ely & Juuso Valimaki, 2002. "Bad Reputation," Discussion Papers 1348, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  64. Jindapon, Paan & Oyarzun, Carlos, 2013. "Persuasive communication when the sender's incentives are uncertain," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 111-125.
  65. Mehmet Gurdal & Ayca Ozdogan & Ismail Saglam, 2014. "Truth-telling and trust in sender–receiver games with intervention: an experimental study," Review of Economic Design, Springer, vol. 18(2), pages 83-103, June.
  66. Joel Shapiro & Patrick Bolton & Xavier Freixas, 2004. "Conflicts of Interest and Credible Information Provision by Specialized and One-Stop Banks," Econometric Society 2004 North American Winter Meetings 132, Econometric Society.
  67. Giuseppe Moscarini, 2007. "Competence Implies Credibility," American Economic Review, American Economic Association, vol. 97(1), pages 37-63, March.
  68. Miriam Schütte & Philipp Christoph Wichardt, 2013. "Delegation and Interim Performance Evaluation," CESifo Working Paper Series 4193, CESifo Group Munich.
  69. Bruno Jullien & In-Uck Park, 2011. "Seller Reputation and Trust in Pre-Trade Communication," The Centre for Market and Public Organisation 11/272, Department of Economics, University of Bristol, UK.
  70. Chakraborty, Archishman & Yilmaz, Bilge, 2004. "Informed manipulation," Journal of Economic Theory, Elsevier, vol. 114(1), pages 132-152, January.
  71. Kartik, Navin & Ottaviani, Marco & Squintani, Francesco, 2007. "Credulity, lies, and costly talk," Journal of Economic Theory, Elsevier, vol. 134(1), pages 93-116, May.
  72. Markus K. Brunnermeier & Martin Oehmke, 2013. "Predatory Short Selling," NBER Working Papers 19514, National Bureau of Economic Research, Inc.
  73. Daron Acemoglu & Alexander Wolitzky, 2012. "Cycles of Distrust: An Economic Model," Levine's Working Paper Archive 786969000000000502, David K. Levine.
  74. Christian Ewerhart & Nuno Cassola & Steen EJjerksov & Natacha Valla, . "Manipulation in Money Markets," Swiss Finance Institute Research Paper Series 06-29, Swiss Finance Institute.
  75. Jordi Blanes i Vidal, 2003. "Credibility and cheap talk of securities analysts: theory and evidence," LSE Research Online Documents on Economics 24897, London School of Economics and Political Science, LSE Library.
  76. Massimiliano Landi, 2008. "Rational and boundedly rational behavior in a binary choice sender-receiver game," Working Papers 04-2008, Singapore Management University, School of Economics.
  77. Patrick Bolton & Xavier Freixas & Joel Shapiro, 2004. "Conflicts of Interest, Information Provision and Competition in Banking," Working Papers 130, Barcelona Graduate School of Economics.
  78. Elizabeth Demers & Clara Vega, 2009. "Soft Information in Earnings Announcements: News or Noise?," 2009 Meeting Papers 80, Society for Economic Dynamics.
  79. Gary Charness & Nuno Garoupa, 1998. "Reputation and honesty in a market for information," Economics Working Papers 326, Department of Economics and Business, Universitat Pompeu Fabra.
  80. Lily Fang & Ayako Yasuda, 2014. "Are Stars’ Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values," Journal of Financial Services Research, Springer, vol. 46(3), pages 235-269, December.
  81. Jung, Hanjoon Michael, 2008. "Paradox of Credibility," MPRA Paper 7443, University Library of Munich, Germany.
  82. Amal Sanyal & Kunal Sengupta, 2005. "Reputation, Cheap Talk and Delegation," Game Theory and Information 0501001, EconWPA.
  83. Hanjoon Michael Jung, 2008. "Paradox of Credibility," Microeconomics Working Papers 22267, East Asian Bureau of Economic Research.
  84. Vincent P. Crawford, 2003. "Lying for Strategic Advantage: Rational and Boundedly Rational Misrepresentation of Intentions," American Economic Review, American Economic Association, vol. 93(1), pages 133-149, March.
  85. Germain, Laurent, 2005. "Strategic noise in competitive markets for the sale of information," Journal of Financial Intermediation, Elsevier, vol. 14(2), pages 179-209, April.
  86. Agastya, Murali, 2003. "Insider Trading, Informational Effciency and Allocative Effciency," Working Papers 6, University of Sydney, School of Economics.
  87. Mariano, Beatriz, 2012. "Market power and reputational concerns in the ratings industry," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1616-1626.
  88. repec:dgr:uvatin:2002013 is not listed on IDEAS
  89. Bolton, Patrick & Freixas, Xavier & Shapiro, Joel, 2007. "Conflicts of interest, information provision, and competition in the financial services industry," Journal of Financial Economics, Elsevier, vol. 85(2), pages 297-330, August.
  90. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories," TSE Working Papers 13-376, Toulouse School of Economics (TSE).
  91. repec:spo:wpecon:info:hdl:2441/806 is not listed on IDEAS
  92. Shang-Jin Wei & Julan Du, 2003. "Does Insider Trading Raise Market Volatility?," IMF Working Papers 03/51, International Monetary Fund.
  93. Ewerhart, Christian & Cassola, Nuno & Ejerskov, Steen & Valla, Natacha, 2004. "Sporadic manipulation in money markets with central bank standing facilities," Working Paper Series 0399, European Central Bank.
  94. OZERTURK, Saltuk, 2005. "Stock recommendation of an analyst who trades on own account," CORE Discussion Papers 2005089, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  95. Olszewski, Wojciech, 2004. "Informal communication," Journal of Economic Theory, Elsevier, vol. 117(2), pages 180-200, August.
  96. Jeon, Doh-Shin & Lovo, Stefano, 2013. "Credit rating industry: A helicopter tour of stylized facts and recent theories," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 643-651.
  97. Enrico Sette, 2007. "Competition and Opportunistic Advice of Financial Analysts: Theory and Evidence," FMG Discussion Papers dp592, Financial Markets Group.
  98. Chen, Mark A. & Marquez, Robert, 2009. "Regulating securities analysts," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 259-283, April.
  99. Laura Beny, . "A Comparative Empirical Investigation of Agency and Market Theories of Insider Trading," University of Michigan John M. Olin Center for Law & Economics Working Paper Series umichlwps-1003, University of Michigan John M. Olin Center for Law & Economics.
  100. repec:dgr:uvatin:20020013 is not listed on IDEAS
  101. Veiga Helena & Vorsatz Marc, 2006. "Price Manipulation in an Experimental Asset Market," Research Memorandum 024, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  102. Tālis J. Putniņš, 2012. "Market Manipulation: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 26(5), pages 952-967, December.
  103. Lily Qiu, 2005. "Managerial Reputation Concerns, Outside Monitoring, and Investment Efficiency," Working Papers 2005-08, Brown University, Department of Economics.
  104. Kunal Sengupta & Amal Sanyal, 2004. "Delegation in a Cheap-Talk Game: A Voting Example," Econometric Society 2004 Far Eastern Meetings 471, Econometric Society.
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