Pre-announcement and event-period private information
Pre-announcement and event-period private information
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DOI：
10.1016/s0165-4101(98)00013-5
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发表时间：
1997-12
影响因子：
5.9
通讯作者：
Oliver Kim;Robert E. Verrecchia
中科院分区：
文献类型：
--
作者：
Oliver Kim;Robert E. Verrecchia
预告信息是为预期公开披露而收集的私人信息。事件期间信息是与公告本身一起有用的私人信息。通常，理性的贸易模型完全基于一种类型的信息。这类模型对真实市场环境的描述较少，而且在经验上是错误的。因此，我们引入了一个兼具这两个特征的理性交易模型，并讨论了它的含义。
Pre-announcement information is private information gathered in anticipation of a public disclosure. Event-period information is private information useful in conjunction with the announcement itself. Typically rational models of trade are based exclusively on one type of information. Such models are less descriptive of real market settings and misspecified empirically. Therefore, we introduce a model of rational trade with both features and discuss its implications.