Working paper
Making money out of publicly available information
- Abstract:
- It is received financial wisdom that when there is free entry by speculators, it is impossible to generate net profits on publicly available information. In this paper we study a version of the standard Kyle (85) model with endogenous information acquisition and we find that equilibria exist with free entry in which speculators make positive profits. Moreover, these equilibria are robust.
- Publication status:
- Published
Actions
Authors
- Publisher:
- University of Oxford
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2003-02-01
- Paper number:
- 2003-FE-07
- Keywords:
- Pubs id:
-
1144284
- Local pid:
-
pubs:1144284
- Deposit date:
-
2020-12-15
Terms of use
- Copyright date:
- 2003
- Rights statement:
- Copyright 2003 The Author(s)
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