TY - GEN
T1 - Manipulation based on information model
AU - Chen, Binbin
AU - Liu, Shancun
AU - Zhang, Zhigang
AU - Zeng, Qingduo
N1 - Publisher Copyright:
© 2015 IEEE.
PY - 2015/7/17
Y1 - 2015/7/17
N2 - Treated as one of the chief symptoms of the business world's corruption, market manipulation based on inside information undermines investor confidence and severely disrupts the order of securities markets, which results in the maladjustment of resources allocation function of securities markets. We consider the strategy trading of uninformed and informed manipulator under large market as well as the impact for market equilibrium. Uninformed manipulator release dummy information, while informed manipulator disseminate private information. The demand schedule of informed trader and follower is unaffected by manipulator, and their trading intensity is in direct proportion to precision of the private signal. The expected utility of uninformed manipulator and market depth will increase and price informativeness will decrease under the situation of uninformed manipulator manipulating market, so uninformed manipulator must manipulate market once they have the opportunity. Informed manipulator will manipulate market in the following case: their private information is close to (seriously deviate) other's average information, precision of their information is very high (low) and the influence of them is low (high).
AB - Treated as one of the chief symptoms of the business world's corruption, market manipulation based on inside information undermines investor confidence and severely disrupts the order of securities markets, which results in the maladjustment of resources allocation function of securities markets. We consider the strategy trading of uninformed and informed manipulator under large market as well as the impact for market equilibrium. Uninformed manipulator release dummy information, while informed manipulator disseminate private information. The demand schedule of informed trader and follower is unaffected by manipulator, and their trading intensity is in direct proportion to precision of the private signal. The expected utility of uninformed manipulator and market depth will increase and price informativeness will decrease under the situation of uninformed manipulator manipulating market, so uninformed manipulator must manipulate market once they have the opportunity. Informed manipulator will manipulate market in the following case: their private information is close to (seriously deviate) other's average information, precision of their information is very high (low) and the influence of them is low (high).
KW - Informed Manipulator
KW - Market Equilibrium
KW - Market Manipulation
KW - Uninformed Manipulator
UR - https://www.scopus.com/pages/publications/84945573412
U2 - 10.1109/CCDC.2015.7161896
DO - 10.1109/CCDC.2015.7161896
M3 - 会议稿件
AN - SCOPUS:84945573412
T3 - Proceedings of the 2015 27th Chinese Control and Decision Conference, CCDC 2015
SP - 6051
EP - 6056
BT - Proceedings of the 2015 27th Chinese Control and Decision Conference, CCDC 2015
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 27th Chinese Control and Decision Conference, CCDC 2015
Y2 - 23 May 2015 through 25 May 2015
ER -