The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Using Privileged Information to Manipulate Markets: Insiders, Gurus, and Credibility
Open accessAbstract
Access to private information is shown to generate both the incentives and the ability to manipulate asset markets through strategically distorted announcements. The fact that privileged information is noisy interferes with the public's attempts to learn whether such announcements are honest; it allows opportunistic individuals to manipulate prices repeatedly, without ever being fully found out. This leads us to extend Sobel's [1985] model of strategic communication to the case of noisy private signals. Our results show that when truthfulness is not easily verifiable, restrictions on trading by insiders may be needed to preserve the integrity of information embodied in prices.
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Citations
Cites
Strategic information transmission
Crawford, V. P., & Sobel, J. (1982) · Econometrica · doi:10.2307/1913390 · Cited by 4,293
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Cited by
BOLTON, P., FREIXAS, X., & SHAPIRO, J. (2012) · The Journal of Finance · doi:10.1111/j.1540-6261.2011.01708.x · Cited by 940
Quality Disclosure and Certification: Theory and Practice
Dranove, D., & Jin, G. Z. (2010) · Journal of Economic Literature · doi:10.1257/jel.48.4.935 · Cited by 740
Lying for Strategic Advantage: Rational and Boundedly Rational Misrepresentation of Intentions
Crawford, V. P. (2003) · American Economic Review · doi:10.1257/000282803321455197 · Cited by 391
Metadata
- Authors
- Benabou, R., & Laroque, G.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1992-08-01
- Volume
- 107
- Issue
- 3
- Pages
- 921-958
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W1528656328
- Cited by
- 565
- References
- 2
- FWCI
- 4.41
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
