Using Privileged Information to Manipulate Markets: Insiders, Gurus, and Credibility
研究拥有私人信息的人如何通过策略性扭曲公告来操纵资产市场，并分析噪声信息如何干扰公众判断，导致内幕人士能反复操纵价格而不被完全发现。
Access to private information is shown to generate both the incentives and the ability to manipulate asset markets through strategically distorted announcements. The fact that privileged information is noisy interferes with the public's attempts to learn whether such announcements are honest; it allows opportunistic individuals to manipulate prices repeatedly, without ever being fully found out. This leads us to extend Sobel's [1985] model of strategic communication to the case of noisy private signals. Our results show that when truthfulness is not easily verifiable, restrictions on trading by insiders may be needed to preserve the integrity of information embodied in prices.