Price Barriers and the Dynamics of Asset Prices in Equilibrium
分析存在价格障碍（大量投资者买卖证券的价格水平）的经济中资产价格的动态，发现价格障碍附近资产价格和波动率可能跳跃，且市场对未来交易的预期可能使价格朝预期相反方向变动。
A price barrier is a price level at which a large number of investors either buy or sell securities. We analyze the dynamics of asset prices in an economy in which price barriers exist. Our analysis suggests that asset prices and volatility can exhibit jumps when the price barrier is reached. Interestingly, the market's anticipation of future trades can influence prices in the opposite direction from what one might expect. For example, when multiple barriers exist, stock prices can be inflated, rather than depressed, in the proximity of an anticipated stock sale.