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Issue 5(1), October 2010 -- Paper Abstracts
Girard  (p. 9-22)
Cooper (p. 23-32)
Kunz-Osborne (p. 33-41)
Coulmas-Law (p.42-46)
Stasio (p. 47-56)
Albert-Valette-Florence (p.57-63)
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JOURNAL OF ACCOUNTING AND FINANCE 


Optimal Noise in Asset-Price Manipulation


Author(s): Yui Law

Citation: Yui Law, (2021) "Optimal Noise in Asset-Price Manipulation" Journal of Accounting and Finance, Vol. 21, Iss. 3, pp. 125-142

Article Type: Research paper

Publisher: North American Business Press

Abstract:

I study the optimal behavior of an insider who can manipulate asset prices by releasing private information to uninformed investors. The previous literature argues that without restrictive assumptions, information-based manipulation is not sustainable in the long run. I show that, by allowing the signal space to be continuous, long-run manipulation can easily exist under general assumptions. If the uninformed investors are boundedly rational, the insider has an even greater ability to manipulate prices.