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Frontrunning the signals: As arbitrage between sophisticates

This paper presents a model in which some sophisticated investors do not wait for receipt of a signal before purchasing an asset. Its critical innovation is an arbitrage equation for frontrunning. Some sophisticates who will receive information in the next period arbitrage against similar sophistica...

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Bibliografiske detaljer
Udgivet i:Proc Natl Acad Sci U S A
Main Authors: Akerlof, George A., Tong, Hui
Format: Artigo
Sprog:Inglês
Udgivet: National Academy of Sciences 2021
Fag:
Online adgang:https://ncbi.nlm.nih.gov/pmc/articles/PMC8020781/
https://ncbi.nlm.nih.gov/pubmed/33758103
https://ncbi.nlm.nih.govhttp://dx.doi.org/10.1073/pnas.2025524118
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