<P ><STRONG><FONT face="Times New Roman">Large Investors, Price Manipulation, and Limits to Arbitrage:<o:p></o:p></FONT></STRONG></P>
<P ><STRONG><FONT face="Times New Roman"> Anatomy of Market Corners<o:p></o:p></FONT></STRONG></P>
<P ><o:p><FONT face="Times New Roman" size=5> </FONT></o:p></P>
<P >Franklin Allen<a href="http://www.pinggu.org/bbs/post.asp?action=new&amp;boardid=57#_ftn1" target="_blank" >*</A>, Lubomir Litov<a href="http://www.pinggu.org/bbs/post.asp?action=new&amp;boardid=57#_ftn2" target="_blank" >**</A>, and Jianping Mei<a href="http://www.pinggu.org/bbs/post.asp?action=new&amp;boardid=57#_ftn3" target="_blank" >***</A><o:p></o:p></P>
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<P ><a href="http://www.pinggu.org/bbs/post.asp?action=new&amp;boardid=57#_ftnref1" target="_blank" ><FONT face="Times New Roman" size=2>*</FONT></A><FONT face="Times New Roman" size=2> Nippon Life Professor of Finance and Professor of Economics, Department of Finance, The Wharton School of the University of Pennsylvania, Philadelphia, PA 19104-6367, phone 215-898-3629, fax: 215-573-2207, email: </FONT><a href="mailto:allenf@wharton.upenn.edu" target="_blank" ><FONT face="Times New Roman" size=2>allenf@wharton.upenn.edu</FONT></A><FONT face="Times New Roman" size=2>.</FONT></P></DIV>
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<P ><a href="http://www.pinggu.org/bbs/post.asp?action=new&amp;boardid=57#_ftnref2" target="_blank" ><FONT face="Times New Roman" size=2>**</FONT></A><FONT face="Times New Roman" size=2> Doctoral student, Leonard Stern School of Business of the New York University, New York 10012, phone: 212-998-0883, fax: 212-995-4218, email: </FONT><a href="mailto:llitov@stern.nyu.edu" target="_blank" ><FONT face="Times New Roman" size=2>llitov@stern.nyu.edu</FONT></A><FONT face="Times New Roman" size=2>.</FONT></P></DIV>
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<P ><a href="http://www.pinggu.org/bbs/post.asp?action=new&amp;boardid=57#_ftnref3" target="_blank" ><FONT face="Times New Roman" size=2>***</FONT></A><FONT face="Times New Roman" size=2> Associate Professor of Finance, Leonard Stern School of Business of the New York University, New York NY 10012, phone: 212-998-0354, email: </FONT><a href="mailto:jmei@stern.nyu.edu" target="_blank" ><FONT face="Times New Roman" size=2>jmei@stern.nyu.edu</FONT></A><FONT face="Times New Roman" size=2>. </FONT></P>
<P ><o:p><FONT face="Times New Roman" size=2> </FONT></o:p></P>
<P ><FONT face="Times New Roman" size=2>We would like to thank Richard Sylla and Niall Ferguson for helpful discussions. The usual disclaimer applies.</FONT></P></DIV></DIV>