Negative Asset Pricing and Moral Hazard

Weiping Li

Chapter 10 in The CME Vulnerability:The Impact of Negative Oil Futures Trading, 2020, pp 197-214 from World Scientific Publishing Co. Pte. Ltd.

Abstract: We discuss the Fundamental Theorem of Asset Pricing (FTAP) in a model-free discrete time setting to emphasize the credit constraints. Negative asset pricing breaks the credit limitations to collapse the FTAP. The credit constraints and moral hazard are not only for market buyers and sellers, but also for market makers.

Keywords: CME; Vulnerability; WTI; Oil; Trading; Rule; 420; Negative Trading Price; Best Practice; Valuation; Risk Management; Regulatory; Rule; Accounting; Standard; Fair Value; Trading Behaviour; Covid; Corona (search for similar items in EconPapers)
JEL-codes: G1 G10 G17 G32 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789811223204_0010 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789811223204_0010 (text/html)
Ebook Access is available upon purchase.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789811223204_0010

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().