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Sponsored AI AM CLAUDE, A Beginner's Guide: Learn the basics of working with AI AI AM CLAUDE, A Beginner's Guide: Learn the basics of working with AI

Author

Xia Liu

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Open access Aug 2026

Hidden Participation and the Timing of Price Discovery: Exact Bayesian Inference and a Dynamic Linear-Projection Benchmark

This paper studies how hidden, stochastic continuation of informed participation shapes price discovery in a two-period Kyle-type market. Hidden participation separates two analytical questions that coincide in the standard Gaussian-linear model. Conditional on a specified linear continuation order, we first derive the...

Yi-Si Liu, Qiang Zhang, Xia Liu et al. · 0 citations

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