This Tape Haunted An Entire Nation. But Was It Even Real?

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This Tape Haunted An Entire Nation. But Was It Even Real?

In the year 2000, a special on ABC brought to light perhaps what is the most horrifying piece of found footage ever uncovered. For decades afterwards, people assume the tape to be all too real… except the truth is a lot more complicated.

STRATEGIC INFORMED TRADING AND THE VALUE OF PRIVATE INFORMATION

We consider a market of risky financial assets where the participants are an informed trader, a mass of uniformed traders and noisy liquidity providers. We prove the existence of a market-clearing equilibrium when the insider internalizes her power to impact prices. In the priceimpact equilibrium the insider strategically reveals a noisier (compared to when the insider takes prices as given) signal, and prices are less reactive to the publicly available information. In contrast to the related literature, we show that in the price-impact equilibrium, the insider’s ex-ante welfare monotonically increases in the signal precision. This clarifies when a trader with market power is motivated to both obtain and refine her private information. Furthermore, even though the uniformed traders act as price-takers, the effect of price impact is ex-ante welfare improving for them. By contrast, internalization of price impact may reduce insider ex-ante welfare. This happens provided the insider is sufficiently risk averse and the uninformed traders are sufficiently risk tolerant.

Charting the Journey of SOUL COVENANT: A New Frontier in VR JRPGs

As we edge closer to unveiling SOUL COVENANT to the world, it’s crucial to reflect on the path that brought us here—a journey marked by innovation and a passion for defining the VR landscape.

A Disgruntled Federal Employee’s 1980s Desk Calendar

On any given day, the rare-book trade can cough up anything from an illuminated medieval manuscript to the pages of an unfinished novel. This week, an unusual offering caught my eye: an illuminated manuscript that was not medieval at all.

Liquidity Jump, Liquidity Diffusion, and Treatment on Wash Trading of Crypto Assets

We propose that the liquidity of an asset includes two components: liquidity jump and liquidity diffusion. We show that liquidity diffusion has a higher correlation with crypto wash trading than liquidity jump and demonstrate that treatment on wash trading significantly reduces the level of liquidity diffusion, but only marginally reduces that of liquidity jump. We confirm that the autoregressive models are highly effective in modeling the liquidity-adjusted return with and without the treatment on wash trading. We argue that treatment on wash trading is unnecessary in modeling established crypto assets that trade in unregulated but mainstream exchanges.