Single stock futures and their impact on market quality: Be careful what you wish for
研究了印度国家证券交易所个股期货退市这一自然实验，发现衍生品虽能提升标的流动性，但会降低公平性、增加操纵风险，对监管者和投资者有警示意义。
Abstract We explore the relationship between efficiency and fairness around a natural experiment resulting in the delisting of equity‐linked single stock futures on the National Stock Exchange of India. We provide evidence that the presence of a derivative improves the liquidity of the underlying but decreases the degree of fairness—proxied by manipulation likelihood. Our study highlights that a leveraged derivative entices manipulation of the underlying and that typical inhibitors of manipulation, high execution costs, are conducive to successful market abuse.