气候变化领域集成服务门户(CCPortal): Frontrunning the signals: As arbitrage between sophisticates

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DOI	10.1073/pnas.2025524118
	Frontrunning the signals: As arbitrage between sophisticates
	Akerlof G.A.; Tong H.
发表日期	2021
ISSN	00278424
卷号	118 期号:13
英文摘要	This paper presents a model in which some sophisticated investors do not wait for receipt of a signal before purchasing an asset. Its critical innovation is an arbitrage equation for frontrunning. Some sophisticates who will receive information in the next period arbitrage against similar sophisticates who will act on that information in that next period when the information is received. The costs of such frontrunning are borne totally by unsophisticated traders—with no gain or loss to sophisticates. Nor does the frontrunning produce any information discovery. Thus, this paper describes a financial-market anomaly: of inefficient financial transactions with gains to no one. © 2021 National Academy of Sciences. All rights reserved.
英文关键词	Financial markets; Frontrunning; Rent seeking
语种	英语
scopus关键词	article; financial market; profiteering; purchasing
来源期刊	Proceedings of the National Academy of Sciences of the United States of America
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/180093
作者单位	McCourt School of Public Policy, Georgetown University, Washington, DC 20057, United States; International Monetary Fund, Washington, DC 20431, United States
推荐引用方式 GB/T 7714	Akerlof G.A.,Tong H.. Frontrunning the signals: As arbitrage between sophisticates[J],2021,118(13).
APA	Akerlof G.A.,&Tong H..(2021).Frontrunning the signals: As arbitrage between sophisticates.Proceedings of the National Academy of Sciences of the United States of America,118(13).
MLA	Akerlof G.A.,et al."Frontrunning the signals: As arbitrage between sophisticates".Proceedings of the National Academy of Sciences of the United States of America 118.13(2021).