Search results for "Insider"
showing 10 items of 12 documents
Initial Enlargement in a Markov chain market model
2011
Enlargement of filtrations is a classical topic in the general theory of stochastic processes. This theory has been applied to stochastic finance in order to analyze models with insider information. In this paper we study initial enlargement in a Markov chain market model, introduced by Norberg. In the enlarged filtration, several things can happen: some of the jumps times can be accessible or predictable, but in the original filtration all the jumps times are totally inaccessible. But even if the jumps times change to accessible or predictable, the insider does not necessarily have arbitrage possibilities.
Insider Trading and Market Behaviour Around Takeover Announcements in the Spanish Market
2002
As microstructure models assume informational asymmetries among investors, the possibility of insider trading is a sound reason for liquidity suppliers to increase the bid-ask spread. In this way, the tested effect that takeover announcements have on target firm returns becomes a strong motive for trading with insider information. In this paper we firstly investigate whether liquidity suppliers value the possibility of trading with informed agents in this sort of event. We analyse the adverse selection cost from bid-ask spread behaviour around takeover announcements. We find that liquidity suppliers enlarge adverse selection cost suggesting that they value the possibility of facing to insid…
Artificial Intelligence in Protecting Smart Building’s Cloud Service Infrastructure from Cyberattacks
2020
Gathering and utilizing stored data is gaining popularity and has become a crucial component of smart building infrastructure. The data collected can be stored, for example, into private, public, or hybrid cloud service infrastructure or distributed service by utilizing data platforms. The stored data can be used when implementing services, such as building automation (BAS). Cloud services, IoT sensors, and data platforms can face several kinds of cybersecurity attack vectors such as adversarial, AI-based, DoS/DDoS, insider attacks. If a perpetrator can penetrate the defenses of a data platform, she can cause significant harm to the system. For example, the perpetrator can disrupt a buildin…
The Inside Information Regime of the MAR and the Rise of the ESG Era
2020
The rise in ESG investing has been characterized as an “investor revolution” and a manifestation of “social change”. The current coronavirus pandemic will arguably intensify the impact of such social change, with the “S” and “G” components of ESG, in particular, having been brought into sharper focus during the crisis. The issue of the extent to which ESG factors are (currently) of considerable importance – and, in particular, are likely to become even more so in the future – for the performance of share prices remains a highly controversial one in financial economics. However, where an empirically substantiated effect of ESG-related information on the prices of financial instruments can be…
Information processing in the stock market around anticipated accounting information: earnings release
2012
Earnings announcements are anticipated events with significant price impacts. This fact can motivate informed traders to trade on private information and liquidity providers to reduce liquidity in order to be careful about insider trading. In this paper, we examine the effect of earnings announcements on information asymmetry. Specifically, we investigate whether liquidity suppliers value the possibility of trading with informed agents and whether market behaviour reflects this. To achieve this objective, we take into account the sign of the surprise, the quarter of the announcement, the quantity of previous information and the quality of the information released. One of the main results of…
Profili penali dell'Insider Trading
2012
El componente de selección adversa de la horquilla de precios cotizada: una revisión de los modelos de estimación
2005
-Jose.E.Farinos@uv.es -Ana.M.Ibanez@uv.es Una de las principales preocupaciones en el área de la microestructura del mercado ha sido la estimación de los componentes no observables de la horquilla de precios a partir de las series de datos que proporcionan los mercados financieros, despertando quizá un mayor interés el de selección adversa por la implicaciones que supone la existencia del mismo. Esto ha provocado el desarrollo de numerosos modelos empíricos que, basándose en las propiedades estadísticas de las series de precios, proporcionan dichas estimaciones. La mayor disponibilidad de datos existentes en los mercados ha permitido el desarrollo en los últimos años de modelos basados en t…
Vulnerability Black Markets: Empirical Evidence and Scenario Simulation
2009
This paper discusses the manifest characteristics of online Vulnerability Black Markets (VBM), insider actors, interactions and mechanisms, obtained from masked observation. Because VBM transactions are hidden from general view, we trace their precursors as secondary evidence of their development and activity. More general attributes of VBMs and the exploits they discuss are identified. Finally, we introduce a simulation model that captures how vulnerability discoveries may be placed in a dual legal-black market context. We perform simulations and find that if legal markets expose vulnerabilities that go unresolved, the security and quality of software may suffer more than in the absence of…
The Book in a Nutshell
2016
In second language (L2) learning and teaching, an emic (or insider) perspective has gained ground in the past few years. This perspective highlights the subjective nature of L2 learning: it throws light on the learner’s beliefs about the language to be learned (when compared, for example, with his or her first language (L1) or other languages he or she may know), being a learner, the learning process, and the learning contexts, all of which are charged with positive and negative experiences and loaded with personal meanings. We would argue that this is also true of aspects of teaching.
La satisfacción del cliente como indicador de calidad en neurorehabilitación
2015
This paper tries to determine customer satisfaction degree from two perspectives: outsider customer (primary in patient and secondary in relatives) and insider customer (employee), being all of them indicators of quality of care in a neurorehabilitation centre. Results support clinician tendency of introducing patient satisfaction degree as an indicator, like effectiveness or efficiency, in order to value success treatment. This tendency allows to coordinate all actions in health care design in a such way that integrates professionals, patients and, in the case of a neurorehabilitation service, relatives perspectives.