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内幕交易导致股票市场资源配置效率降低 ,对其进行规制可以减小造市者的逆向选择问题。实施内幕交易规制涉及到规制成本 ,优化实施就是要在规制收益和实施成本间进行权衡 ,谋取最优实施方案。本文探讨在规制者为以调整资产组合为目的而交易的不知情投资者期望效用最大化的情况下 ,实施政策的优化组合问题
Insider trading leads to the reduction of the efficiency of resource allocation in the stock market. Regulating it can reduce the adverse selection of market makers. The implementation of insider trading rules involves the cost of regulation. Optimizing the implementation means that we should make trade-off between regulation benefits and implementation costs and seek the best implementation plan. This article explores the optimal combination of policy implementation in the case of the regulator’s expected utility maximization for the unwitting investor traded for the purpose of adjusting the portfolio