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The mandatory disclosure of trades and market liquidity 总被引:9,自引:0,他引:9
Financial market regulations require various 'insiders' to disclosetheir trades after the trades are made. We show that such mandatorydisclosure rules can increase insiders' expected trading profits.This is because disclosure leads to profitable trading opportunitiesfor insiders even if they possess no private information onthe asset's value. We also show that insiders will generallynot voluntarily disclose their trades, so for disclosure tobe forthcoming, it must be mandatory. Key to the analysis isthat the market cannot observe whether an insider is tradingon private information regarding asset value of is trading forpersonal portfolio reasons. 相似文献
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Telemetry monitoring, when used effectively and appropriately, is beneficial and plays an important role in enabling primary caregivers to provide optimum care for their patients. However, it is frequently used ineffectively and inappropriately, which can be extremely costly for hospitals. In this era of health care reform, careful review of this technology and analysis of telemetry utilization can avoid unnecessary expenditures or abuse. 相似文献
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