“Large” versus “Small” Players: A Closer Look at the Dynamics of Speculative Attacks
研究了大型玩家（如对冲基金）在投机攻击中的角色，通过挪威克朗和瑞典克朗的案例发现，大型玩家有时早动有时晚动，取决于利率差异带来的收益。
Abstract What is the role of “large players” (e.g., hedge funds) in speculative attacks? Recent work suggests that large players move early to induce smaller agents to attack. However, many observers argue that large players move late in order to benefit from interest‐rate differentials. We propose a model in which large players can do both. Using data on currency trading by foreign (large) and local (small) players, we find that foreign players moved last in three attacks on the Norwegian krone during the 1990s. During the attack on the Swedish krona after the Russian moratorium in 1998, foreign players moved early. Gains by delaying attack were small, however, because interest rates did not increase.