Jump to ContentJump to Main Navigation
The Structure and Regulation of Financial Markets$
Users without a subscription are not able to see the full content.

Peter D. Spencer

Print publication date: 2000

Print ISBN-13: 9780198776093

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198776093.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 September 2019

Information Revelation, Transparency and Insider Regulation

Information Revelation, Transparency and Insider Regulation

Chapter:
(p.99) 5 Information Revelation, Transparency and Insider Regulation
Source:
The Structure and Regulation of Financial Markets
Author(s):

Peter d. Spencer

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198776093.003.0005

The Copeland and Galai model introduced in the previous chapter is a preview to the simple market microstructure theory. However, it is a static specification: ruling out dynamic learning effects which may be like essential in practice. In this structure, prices are fixed the entire day without regard to the flow order. Thus, the Copeland and Galai model is ideal to describe initial expectations and price-setting behaviour in dealership markets. This chapter focuses on the way that secondary market makers and other ‘uninformed’ participants can learn from the trading activity of insiders and other ‘informed’ traders. The model used can help in discussing the regulation of insider trading. The chapter also provides knowledge on insider regulation in practice as well as market transparency, wherein all participants can immediately see the trades taking place.

Keywords:   simple market, microstructure theory, dealership, secondary market, insider regulation, market transparency

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .