Insider Trading With Product Differentiation

URL des Documents de travail : https://centredeconomiesorbonne.cnrs.fr/publications/Voir aussi l'article basé sur ce document de travail paru dans "Journal of Economics", 111, 2014, pp. 173-201Documents de travail du Centre d'Economie de la Sorbonne 2012.14 - ISSN : 1955-611XIn this paper, we analyze the effect of Cournot competition with differentiated products on the real and financial decisions of a publicly-owned firm, with three different structures in the financial market : monopoly, duopoly and Stackelberg. We shows that the degree of product differentiation does not affect the results found in the literature on insider trading, concerning the effect of the financial market structure on firms' outputs, the revelation of information and the insiders' orders. Besides, firms' output, the amount of information revealed in the stock price, the insiders' trading orders and the owners' profits are independent of the degree of product differentiation. The real market structure through the degree of product differentiation is found to determine the level of the compensation scheme earned by the manager, the market makers' response to the total order flow signal as well as the managers' profits.Ce papier analyse l'effet de la concurrence à la Cournot avec différentiation de produits, sur les décisions financières et réelles d'une entreprise publique, sous trois structures du marché financier : monopole, duopole et concurrence à la Stackelberg. Les résultats montrent que l'effet de la structure du marché financier sur les quantités produites par les firmes, la révélation d'information, les actions des initiés ainsi que les profits des propriétaires de la firme, est invariant avec différentiation de produits. En revanche, cette structure a un effet direct sur la compensation du manager, ses profits et sur un des coefficients du prix du marché financier

Insider Trading With Different Risk Attitudes

This paper investigates the effect of different risk attitudes on the financial decisions of two insiders trading in the stock market. We consider a static version of the Kyle (1985) model with two insiders. Insider 1 is risk neutral while insider 2 is risk averse with negative exponential utility. First, we prove the existence of a unique linear equilibrium. Second, we obtain somewhat surprising results on how the risk attitudes affect the market liquidity, the price efficiency, when we carry out a comparative static analysis with respect to Tighe (1989) and Holden and Subrahmanyam(1994) models

Insider Trading With Different Risk Attitudes

This paper investigates the effect of different risk attitudes on the financial decisions of two insiders trading in the stock market. We consider a static version of the Kyle (1985) model with two insiders. Insider 1 is risk neutral while insider 2 is risk averse with negative exponential utility. First, we prove the existence of a unique linear equilibrium. Second, we obtain somewhat surprising results on how the risk attitudes affect the market liquidity, the price efficiency, when we carry out a comparative static analysis with respect to Tighe (1989) and Holden and Subrahmanyam(1994) models

Møte mellom kurderne og norsk skole systemet

Master's thesis MIKA. VID Specialized University, School of Mission and Theology, May 2016MV 17 S

Comparison between Xylazine-Tiletamine-Zolazepam and Fentanyl-Tiletamine-Zolazepam Anaesthetic Combinations on Plasma Oxidative Status in Sheep

It is important to determine varying effects of anaesthetics agents. One of the adverse effects of general anaesthetics are the exogenous sources of reactive oxygen species. In this study, the effects of xylazine-tiletamine-zolazepam (XTZ) and fentanyl-tiletamine-zolazepam (FTZ) combinations on plasma oxidant-antioxidant indicators were compared in sheep. Ten ewes received two different anaesthetic combinations in a ten-day interval. XTZ group was injected with xylazine and tiletamine-zolazepam. FTZ group was injected with fentanyl and tiletamine-zolazepam. Blood samples were collected before and at the 30, 60, 120 min, 24 h and 3 days after anaesthesia. Both anaesthetic regimens caused an increase in malondialdehyde (MDA) concentrations in plasma. The MDA concentrations at 60, 120 min and 24 h in the XTZ group were significantly higher than in the FTZ group. Glutathione (GSH) concentration at 30, 60, 120 min and 24 h was significantly lower than baseline values in XTZ group, while there was only a decrease at 120 min in the FTZ group. GSH concentrations in the XTZ group were significantly lower at 60 and 120 min compared with the FTZ group. Beta carotene concentration was decreased at 120 min and 24 h in the XTZ group, while it decreased only at 120 min in the FTZ group. Glutathione peroxidase (GSH-Px) and catalase (CAT) activities decreased at 120 min and 24 h only in the XTZ group. There were no significant differences in β-carotene concentration, activities CAT and GSH-Px activities between groups. In conclusion, both XTZ and FTZ anaesthetic regimens induced oxidative stress in sheep. XTZ combination has more detrimental effect than FTZ combinations on particularly MDA and GSH concentrations. Therefore, FTZ anaesthetic combination is considered to be more suitable for sheep anaesthesia, due to less deteriorating effects on oxidant/antioxidant balance

A semi-analytical methodology for development of woven geotextile filter selection criteria

ABSTRACT: Geotextiles have been commonly used in geotechnical and environmental engineering projects to prevent erosion of soils in contact with the filter without impeding the flow of seeping water through the soil. Several empirical criteria incorporating varying factors of safety have been proposed for selection of geotextile filters. A probabilistic numerical filter model, named RETAIN, using image-based geotextile pore structure was developed for woven geotextile filters and is presented in this paper. The paper also summarizes a new methodology to propose filter selection criteria using the results of RETAIN. The proposed criteria based on this methodology and the existing empirical criteria from the literature were evaluated against the actual performance observed in the laboratory filtration tests on a silty sand specimen and a wide range of woven geotextiles. The results indicated that RETAIN can model the filtration behavior of silty sands and woven geotextiles, and the model output can be used to develop new geotextile selection criteria. The method is currently applicable to one type of soil; however, the method is rational, and the applicability of the methodology to other soils with a range of particle size distributions can be checked after conducting laboratory filtration tests on these soils

Insider Trading With Different Risk Attitudes

This paper investigates the effect of different risk attitudes on the financial decisions of two insiders trading in the stock market. We consider a static version of the Kyle (1985) model with two insiders. Insider 1 is risk neutral while insider 2 is risk averse with negative exponential utility. First, we prove the existence of a unique linear equilibrium. Second, we obtain somewhat surprising results on how the risk attitudes affect the market liquidity, the price efficiency, when we carry out a comparative static analysis with respect to Tighe (1989) and Holden and Subrahmanyam(1994) models

Insider Trading With Different Risk Attitudes

This paper investigates the effect of different risk attitudes on the financial decisions of two insiders trading in the stock market. We consider a static version of the Kyle (1985) model with two insiders. Insider 1 is risk neutral while insider 2 is risk averse with negative exponential utility. First, we prove the existence of a unique linear equilibrium. Second, we obtain somewhat surprising results on how the risk attitudes affect the market liquidity, the price efficiency, when we carry out a comparative static analysis with respect to Tighe (1989) and Holden and Subrahmanyam(1994) models

Study on the effects and incidence of labour taxation

In the aftermath of the financial crisis most European countries are continuing to face employment problems. In a number of Member States government intervention has further resulted in increasing debt levels and high tax burdens overall and in particular on labour. Therefore well-targeted tax reforms seem to be in order to improve the labour market outcomes. It is often implicitly assumed that a decrease on the employee side, i.e. in the personal income tax rate or the employee part of social security contribution, leads to a higher labour supply. Against this background four main goals of this study emerge. First, is to identify from the literature which labour market imperfections result in employment problems and to attribute them to the labour supply or on the labour demand side. Given the heterogeneity in the labour market situation of different groups, we also set out to identify which socioeconomic groups are most vulnerable to employment problems. The next step is to review the literature which assesses the short-run and long-run economic incidence of labour taxation. To further break down the incidence into its underlying determinants we also review the literature on the (tax) elasticities of labour supply and labour demand. Then the literature on the influence of the economic environment on the tax incidence outcome, most notably the wage setting mechanisms and the institutional background, is reviewed. Finally the findings of the literature review are brought together in a framework of indicators to identify the potential of tax reforms to reduce tax related employment problems