ABSTRACT

Many stocks are subject to some kinds of resale restrictions in the financial
markets.In this paper, we introduces the short sale constraints into a three asset
consumption-portfolio choice model and propose the Utility Indifference Discount
(UID) to measure the discount of the restricted stocks. We consider different short
sale constraints and study the their impact on the UID of restricted stock. The
results could help us understand the economic sense of short sales constraints on
the value of restricted stocks and help resolve the argument on the magnitude of
discount due to resale restriction.

这是简介，不过不知道是不是最后正式稿件。

有兴趣的可以在此帖后直接跟帖讨论相关领域的问题

好东西

谢谢楼主！

太牛了啊

金融怎么属于管理学,有点晕!