Who has what incentive to treat market manipulation as a simple "constant variable to anticipate and exploit"?
This perspective ignores the asymmetry of payoffs and significant risks for fiduciary mandates.
For a public pension fund, the presumption of market fraud is an essential protective mechanism, not an invitation to speculate on negative fraud.
If our strategy was to "capitalize" on artificially depressed securities by malicious actors, we would actually be validating their dominant strategy and exposing our beneficiaries to potential losses, as demonstrated by the stock manipulation example of Wirecard.