In a general multiperiod financial market, we show that the market trading prices at intermediate dates of some securities with simple specifications, either compound call option or portfolios of index options, reveal sufficient information from the terminal date to intermediate dates; therefore, these simple securities dynamically span and complete the entire space of all state-contingent claims. We further demonstrate that those specifications of state-contingent claims are the simplest ones to dynamically span all state-contingent claims. Our results do not depend on agents’ risk-preference and basic asset’s stochastic price process. Therefore, the financial market might be not as big as we think.

中文翻译：

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金融市场：不如您想像的大

在一般的多周期金融市场中，我们表明，某些具有简单规格的证券（复合看涨期权或指数期权投资组合）在中间日期的市场交易价格揭示了从终止日期到中间日期的足够信息；因此，这些简单的证券动态地跨越并完善了所有国家或有债权的整个空间。我们进一步证明，状态权声明的那些规范是动态跨越所有状态权声明的最简单规范。我们的结果不取决于代理商的风险偏好和基本资产的随机价格过程。因此，金融市场可能没有我们想象的那么大。