Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it?

Authors :: Kahl, Mattias
Liu, Jun
Longstaff, Francis A.
Source :: Journal of Financial Economics. March, 2003, Vol. 67 Issue 3, p385, 26 p.
Publication Year :: 2003
Abstract: The stockholders face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. The cost of the liquidity restrictions on stockholders using a continuous-time portfolio choice framework is examined.

Subjects :: Stocks -- Forecasts and trends
Corporations -- Valuation
Portfolio management -- Analysis
Stockholders -- Management
Market trend/market analysis
Company business management
Banking, finance and accounting industries
Business
Economics

Tools