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Competition and Information Production in Market Maker Models (2004)

Morrison, Alan D.

Oxford, UK and Boston, USA : Blackwell Publishing Ltd

Journal of business finance & accounting 31 (2004), S. 0

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ISSN: 1468-5957

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: Abstract: The microstructure literature models the mechanisms through which fundamental information is incorporated into market prices. This paper extends previous models by endogenising information production and analysing incentives for costly information production. In contrast to the existing literature, increasing the number of informed traders can result in reduced price informativeness. When prices have an allocative role this has welfare consequences: the regulatory implications of a dichotomy between private and public incentives for information gathering are discussed.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.0306-686X.2004.00571.x

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