做市商的过度自信对市场影响的分析-analysis of market makers overconfidences influence on market.docxVIP

Abstract Abstract IV IV market is not the same as overconfident informed trader in previous studies. In market equilibrium, overconfident market maker increases trading volume and market depth, improves price quality, and reduces price volatility. So the overconfidence of market maker increases market liquidity, strengthens market stability and efficiency. In addition, overconfidence impairs the benefit of market maker and affects its status in the market, and informed trader and noise trader which are the two main investors in the market can both make profit from this behavior. When the degre