主 题：NON-MARKETABILITY DISCOUNT AND ONE-DAY SELLING LOCKUP
主 讲 人：宿铁（Tie Su）
时 间：2013年5月29日（周三）14：00-15：30
地 点：文添楼311
主办单位：yh86银河国际
Abstract：
We examine two assets with the same fundamental value in Chinese equity market, a deep in-the-money call warrant and the common stock of the same company. Stock buyers face a one-day lockup and cannot sell their shares until the next trading day. Warrant traders have no such restriction. We show that the one-day lockup prices the stock at a discount to the stock value implied from the warrant. Furthermore, intraday results show that the discount decreases throughout the trading day and that investors tend to purchase more stocks when the one-day trading lockup becomes less binding toward the market close.
主讲人简介：
宿铁，现为美国迈阿密大学副教授。1989年获得北京大学概率统计系学士学位，1991年获得美国密苏里大学统计系硕士学位，1995年获得美国密苏里大学金融系博士学位。宿铁教授的研究领域包括期权定价、市场微观结构和公司金融。目前已在Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, and Management Scicence等国际顶尖期刊上发表论文20多篇. 宿铁教授现为American Finance Association和Financial Management Association的会员，他从1996年至今从事CFA教学辅导与教材编写，现为CFA会员。从2007年至今为中南财经政法大学文澜学者，并长期在yh86银河国际讲授金融衍生工具课程与做学术报告。