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Predatory trading

Author: Markus Konrad Brunnermeier; Lasse Heje Pedersen; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2004.
Series: Working paper series (National Bureau of Economic Research), no. 10755.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"This paper studies predatory trading: trading that induces and/or exploits other investors' need 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  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Markus Konrad Brunnermeier; Lasse Heje Pedersen; National Bureau of Economic Research.
OCLC Number: 56827626
Notes: "September 2004."
Description: 1 online resource (55 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 10755.
Responsibility: Markus Brunnermeier, Lasse Heje Pedersen.

Abstract:

"This paper studies predatory trading: trading that induces and/or exploits other investors' need 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"--National Bureau of Economic Research web site.

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