Strong-Form Efficiency with Monopolistic Insiders
研究垄断内幕者在无限期模型中的交易行为，发现尽管内幕者拥有长期信息，却选择快速揭示信息，使市场趋近强式有效，但其利润并不为零。
We study market efficiency in an infinite-horizon model with a monopolistic insider. The insider can trade with competitive market makers and noise traders, and observes privately the expected growth rate of asset dividends. In the absence of the insider, this information would be reflected in prices only after a long series of dividend observations. Thus, the insider’s information is “long-lived. ” Surprisingly, however, the monopolistic insider chooses to reveal her information very quickly, within a time converging to zero as the market approaches continuous trading. Although the market converges to strong-form efficiency, the insider’s profits do not converge to zero. 2 1