Predatory Trading
研究掠夺性交易，即交易者诱导或利用其他投资者被迫减仓的行为，发现这会导致价格过度波动、流动性枯竭，并可能引发危机跨市场传染。
ABSTRACT This paper studies predatory trading , trading that induces and/or exploits the need of other investors to reduce their positions. We show that if one trader needs to sell, others also sell and subsequently buy back the asset. This leads to price overshooting and a reduced liquidation value for the distressed trader. Hence, the market is illiquid when liquidity is most needed. Further, a trader profits from triggering another trader's crisis, and the crisis can spill over across traders and across markets.