Bankruptcy proceedings are mainly aimed at recovering the assets of debtor in order to satisfy creditors. In recent years, some jurisdictions, such as Netherlands, tried make their insolvency frameworks more stakeholder-friendly promote sustainable liquidation. Usually, these changes give bankruptcy trustees discretionary power take into account interests all stakeholders involved. Based on emp...

We analyze novel portfolio liquidation games with self-exciting order flow. Both the N-player game and mean-field (MFG) are considered. assume that players' trading activities have an impact on dynamics of future market arrivals thereby generating additional transient price impact. Given strategies her competitors each player solves a control problem. characterize open-loop Nash equilibria in b...

<p style='text-indent:20px;'>In this paper, we generalize the Almgren-Chriss's market impact model to a more realistic and flexible framework employ it derive analyze some aspects of optimal liquidation problem in security market. We illustrate how trader's strategy alters when multiple venues extra information are brought into detected by trader. This study gives new insights relationshi...