Price Leadership in the Spot Foreign Exchange Market
实证研究即期外汇市场中新信息如何融入报价，发现某些交易商（如化学银行、德意志银行）的报价率先反映新信息，且其行为受市场条件影响，对理解外汇市场价格发现机制有参考价值。
This study empirically investigates how new information is incorporated into intra-daily DM-$US quotes, and finds evidence that certain dealers consistently incorporate new information into their quotes before others and that their behavior is influenced by market conditions. In general, Chemical Bank's quotes are the first to contain new information. However, in the periods of uncertainty around central bank interventions, evidence suggests Deutsche Bank is the price leader and its quotes are influenced by information and inventory considerations.