Market Manipulation, Bubbles, Corners, and Short Squeezes
研究大额交易者在证券市场中的操纵策略，证明在合理的均衡价格过程假设下存在无风险获利策略，并给出其不存在的充分条件。
This paper investigates market manipulation trading strategies by large traders in a securities market. A large trader is defined as any investor whose trades change prices. A market manipulation trading strategy is one that generates positive real wealth with no risk. Market manipulation trading strategies are shown to exist under reasonable hypotheses on the equilibrium price process. Sufficient conditions for their nonexistence are also provided.