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| Tekijä: | Pirrong, C. |
| Otsikko: | Manipulation of cash-settled futures contracts |
| Lehti: | Journal of Business
2001 : APR, VOL. 74:2, p. 221-244 |
| Asiasana: | CASH MANAGEMENT FUTURES MARKETS SETTLEMENT SYSTEMS |
| Kieli: | eng |
| Tiivistelmä: | Replacement of delivery settlement of futures contracts with cash settlement is frequently proposed to reduce the frequency of market manipulation. This article shows that it is always possible to design a delivery-settled futures contract that is less susceptible to cornerning by a large long than any given cash-settled contract. Such a contract is more susceptible to manipulation by large shorts, however. |
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