摘要翻译：
随着十年的推移，我们回顾了近三十年来成功操纵世界公开股票市场的情况。这一反思强调了一些关键的有利因素和在此过程中吸取的经验教训。对市场影响及其衰减的定量理解，我们将简要介绍，让您以可接受的成本将长期市场价格转移到您的优势。事实证明，隐藏你的足迹不如让价格朝着大多数人希望的方向移动重要。对市场价格的普遍信任（如果错位的话）----加上对操纵成本的高估和对某些市场参与者利益的低估----使价格操纵成为一种特别有价值和有利可图的工具。在最近许多预示着当前错误信息黄金时代到来的故事中，导致世界上市公司市值在过去三十年显著增加的操纵是最好的。
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英文标题：
《Celebrating Three Decades of Worldwide Stock Market Manipulation》
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作者：
Bruce Knuteson
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最新提交年份：
2019
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance        数量金融学
二级分类：Trading and Market Microstructure        交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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英文摘要：
  As the decade turns, we reflect on nearly thirty years of successful manipulation of the world's public equity markets. This reflection highlights a few of the key enabling ingredients and lessons learned along the way. A quantitative understanding of market impact and its decay, which we cover briefly, lets you move long-term market prices to your advantage at acceptable cost. Hiding your footprints turns out to be less important than moving prices in the direction most people want them to move. Widespread (if misplaced) trust of market prices -- buttressed by overestimates of the cost of manipulation and underestimates of the benefits to certain market participants -- makes price manipulation a particularly valuable and profitable tool. Of the many recent stories heralding the dawn of the present golden age of misinformation, the manipulation leading to the remarkable increase in the market capitalization of the world's publicly traded companies over the past three decades is among the best.
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PDF链接：
https://arxiv.org/pdf/1912.01708