| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4639 |
| DP4639 Predatory Trading | |
| Markus Brunnermeier; Lasse Heje Pedersen | |
| 发表日期 | 2004-09-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper studies predatory trading: trading that induces and/or exploits other investors? need to reduce their positions. We show that if one trader needs to sell, others also sell and subsequently buy back the asset. This leads to price overshooting and a reduced liquidation value for the distressed trader. Hence, the market is illiquid when liquidity is most needed. Further, a trader profits from triggering another trader?s crisis, and the crisis can spill over across traders and across markets. |
| 主题 | Financial Economics |
| 关键词 | Dealer exit stress test Liquidity crisis Predation Valuation Liquidity Risk management Systemic risk |
| URL | https://cepr.org/publications/dp4639 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533559 |
| 推荐引用方式 GB/T 7714 | Markus Brunnermeier,Lasse Heje Pedersen. DP4639 Predatory Trading. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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