{"id":5805,"date":"2025-12-19T14:54:38","date_gmt":"2025-12-19T05:54:38","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=5805"},"modified":"2025-12-19T14:59:36","modified_gmt":"2025-12-19T05:59:36","slug":"202%ef%bc%96%e5%b9%b41%e6%9c%8819%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-large-traders-stra","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/5805","title":{"rendered":"2026\u5e741\u670819\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar : Large Traders\u2019 Strategic Trading and Intraday Manipulation in Derivatives Markets \u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cLarge Traders\u2019 Strategic Trading and Intraday Manipulation in Derivatives Markets\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e741\u670819\u65e5\uff08\u6708\uff0913:10\uff5e14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762 \uff0a11\u53f7\u99288\u968e814\u6559\u5ba4\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nScott Fung \u6c0f
\n\uff08Professor, College of Business and Economics, California State University, East Bay\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nThis study provides an empirical investigation of large trader market manipulation in derivatives markets in an intraday setting. Using the novel Taiwan index options and future markets with intraday and account-level datasets, we examine large traders\u2019 intraday trading activities, quantity impacts on prices, and realized profits in options and futures markets. Specifically, we test cross-market manipulation based on order flow information. We show that the sum of a large traders\u2019 initial delta positions in futures and options markets can have an impact on the underlying returns. These impacts predict reversals in future returns over subsequent time intervals. Furthermore, large investors realize short-term gains following their trades, consistent with a successful exploitation of their induced price effects. Overall, we provide strong evidence that large traders\u2019 strategic trading generates short-horizon profits, consistent with an intraday manipulative price impact.<\/td>\n<\/tr>\n
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cLarge Traders\u2019 Strategic Trading and Intraday Manipulation in Derivatives Markets\u300d \u65e5\u6642 2026\u5e741\u670819\u65e5\uff08\u6708\uff0913:10\uff5e14:5 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-5805","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=5805"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5805\/revisions"}],"predecessor-version":[{"id":5807,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5805\/revisions\/5807"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=5805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=5805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=5805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}