Behavior Based Manipulation Chunsheng Zhou Peking University & Jianping Mei New York University This Version:October 03 Zhou is from Guanghua School of Management,Peking University,Beijing 100871,China. E-Mail:zhoucs@gsm.pku.edu.cn.Mei is from Department of Finance,Stern School of Business, New York University,44 West 4th Street,New York,NY 10012-1126,(212)998-0354, jmei@stern.nyu.edu.We are grateful to helpful discussions with Franklin Allen and Wei Xiong. We also thank Bin Liu and Jiagi Tang for able research assistance. 00 Behavior Based Manipulation Chunsheng Zhou Peking University & Jianping Mei New York University * This Version: October 03 * Zhou is from Guanghua School of Management, Peking University, Beijing 100871, China. E-Mail: zhoucs@gsm.pku.edu.cn. Mei is from Department of Finance, Stern School of Business, New York University, 44 West 4th Street, New York, NY 10012-1126, (212) 998-0354, jmei@stern.nyu.edu. We are grateful to helpful discussions with Franklin Allen and Wei Xiong. We also thank Bin Liu and Jiaqi Tang for able research assistance