trade rat

1. By generalizing the rat trade model to the multi period situation, study how the market price reflects the dynamics of the information of asset value and the relationship between this dynamics and the volume of rat trade.
   将老鼠仓市场交易模型扩展到多期，研究了老鼠仓存在时市场价格反映资产价值信息的动态变化，以及这种变化与老鼠仓交易的关系。
2. At the same time, we analyze that the rat trade produces different beliefs on asset return process among the investors. Second, we resolve the investors 'optimal investment-consumption strategy and make a compare to the situation without rat trade.
   其次，对于老鼠仓交易所引发的投资者之间对于资产收益率过程的信念不一致进行了分析。然后，求解各个投资者的最优投资、消费决策，并与不存在老鼠仓时进行比较分析。
3. Second, using the trade data from one security company branch in 2007, we testify the effect of rat trade on stock price, return rate, liquidity and volatility.
   其次，利用一家营业部2007年的实际交易数据，对老鼠仓交易对于股票价格、收益率、流动性、波动性等市场行为的影响进行实证。
4. Discover that during the multi period rat trade, the less volume of rat trade in the first periods can help to conceal the motivation of breeding rat, with the increase of the trade time, the rat can enlarge its volume to make more gain.
   研究发现，在多期做仓的过程中，初始阶段老鼠仓可以通过选择较小的交易量以隐藏做仓动机，随着交易次数的增加，老鼠仓选择增加其交易量以获取更多收益。
5. By using the rational expectation equilibrium method, quantitatively study the rat trade from the viewpoint of market micro structure. By employing the volume of rat trade as noise source, construct the game model including the rat, the institutional investor and the other individual investors.
   本论文主要创新点如下：1.利用理性预期均衡框架从微观层面对老鼠仓交易行为进行定量研究，通过引入老鼠仓交易量作为噪声源，构建市场参与各方之间的博弈模型。

noun

1. any of several bushy-tailed rodents of the genus Neotoma of western North America

   Synonym:    packratpack ratbushytail woodratNeotoma cinerea