过度自信与内幕交易具有相关信号

IF 1.9 Q2 MULTIDISCIPLINARY SCIENCES

MethodsX Pub Date : 2025-07-05 DOI:10.1016/j.mex.2025.103476

Wassim Daher , Sadeq Damrah

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引用次数: 0

摘要

本研究将Jain和Mirman（1999）模型的框架扩展到过度自信的做市商（la Zhou, 2011）的案例中。我们描述了线性均衡结果，并推导了模型参数的显式公式。然后对Jain和Mirman（1999）和Zhou（2011）模型进行比较统计分析。•内幕交易量与过度自信的程度无关。•关键的均衡结果取决于潜在变量的方差和过度自信的程度。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Overconfidence and insider trading with correlated signals

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Overconfidence and insider trading with correlated signals

This study extends the framework of Jain and Mirman (1999) model to the case of overconfident market makers à la Zhou (2011). We characterize the linear equilibrium outcomes and derive explicit formulas for the model parameters. A comparative statics analysis is then conducted with respect to the Jain and Mirman (1999) and Zhou (2011) models.

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Insider trading volume is independent of the level of overconfidence.
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Key equilibrium outcomes depend on the variances of the underlying variables and the degree of overconfidence.

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