Imagine that you were one of the few fund managers who started to investigate the subprime market in 2005. Through your investigation of mortgage lending practices in 2003 and 2004, you predict that the real estate bubble will burst in 2007-2008. In order to profit from the opportunity, you decided to short the market by buying CDS from major investment banks at a spread of 500 b.p. (5%) per annum. 

 -Suppose you need to close your position as early as 2007(analogous to =0 under the FSS92frame- work), describe the effect of positive spillover and strategy complementarity between you and your fellow fund managers' trading strategies. 

  -Suppose you waited until the bubble bursts (analogous to  = 1 under the FSS92 framework), describe the effect of negative spillover and strategy substitutability between you and your fellow fund managers' trading strategies.