Equilibrium Block Trading and Asymmetric Information
研究多期市场中基于信息的大宗交易均衡的存在性，发现并分析了战略无信息机构愿意进行大宗交易而非拆分的均衡例子。
ABSTRACT This paper investigates the existence of equilibria with information‐based block trading in a multiperiod market when no investor is constrained to block trade. Attention is restricted to equilibria in which a strategic uninformed institution (i.e., one which is forced to rebalance its portfolio but is free to choose an optimal rebalancing strategy) is willing to trade a block rather than “break up” the block into a series of smaller trades. Examples of such equilibria are found and analyzed.