Information Technology and Trader Competition in Financial Markets: Endogenous Liquidity
整合了Dewan-Mendelson和Kyle的模型，将金融市场中基于时间的竞争分析扩展到内生流动性情形，探讨信息技术投资、交易策略与流动性之间的联系。
This note integrates the models of Dewan and Mendelson (1998) (DM) and Kyle (1985), extending the DM analysis of time-based competition in financial markets to the case of endogenous liquidity. The results enable us to examine the link between information technology investments, trading strategies, and liquidity.