Market Maker Inventories and Stock Prices
基于库存模型，研究纽约证券交易所做市商的库存如何反映买卖压力，并导致价格暂时偏离后反转，对理解流动性供给与资产价格的关系有参考价值。
Empirical studies linking liquidity provision to asset prices follow naturally from inventory models. Liquidity suppliers and market markers profit from providing immediacy to less patient investors, but have limited inventory-carrying and risk-bearing capacity. Similarly, limits to arbitrage arguments rely on certain market participants accommodating buying or selling pressure. These liquidity suppliers/arbitrageurs are willing to accommodate trades—and, therefore, hold suboptimal portfolios—only if they are able to buy (sell) at a discount (premium) relative to future prices. Thus, large liquidity-supplier inventories should coincide with large buying or selling pressure, which causes price movements that subsequently reverse themselves. By identifying and studying the inventories of traders who are central to the trading process and whose primary roll is to provide liquidity—New York Stock Exchange (NYSE) market