Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it? ☆
By Matthias Kahl, Jun Liu, Francis A. Longstaff. 2001
228 citations recorded by the source corpus.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/0845b4143d91154c4a0dfb795980d9612d17ab37
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
- David Hobson *
- Vicky Henderson
- Alex Edmans
- Moqi Groen-Xu
- Luis Goncalves-Pinto
- Yanbo Wang
- Anand M. Vijh
- Jie Cai
In Finance
- David Hobson *
- Vicky Henderson
- Alex Edmans
- Moqi Groen-Xu
- Luis Goncalves-Pinto
- Yanbo Wang
- Anand M. Vijh
- Jie Cai
Citations in the corpus
- Friend or Foe? The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China (2010, unknown): “The results are consistent with our argument that the government has strong 2A significant price discount usually exists for illiquid securities such as nontradable shares (see Kahl, Liu, and Longstaff (2003), Longstaff (1995), (2001)).”
- Valuing the option to invest in an incomplete market (2007, background): “In doing so, the paper extends the well known risk-neutral models and the CAPM based model of McDonald and Siegel (1986) to incompleteness.”
- Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs (2007, background): “Alternatively, the SEC Rule 144 allows affiliates to sell unregistered stock, but places several restrictions on such sales as discussed by Osborne (1982) and Kahl, Liu, and Longstaff (2003).”
- Stewards, Agents, and the Founder Discount: Executive Compensation in New Ventures (2006, background): “, 1999; Hall & Murphy, 2002) are exacerbated in private companies, where executives hold nonliquid securities that have a high chance of never paying off (Hertzel & Smith, 1993; Kahl et al., 2003).”
- Utility indifference pricing : an overview (2009, background): “First, Kahl et al [51] consider a manager with nontraded stock who can invest in a correlated market asset and bank account, and consume.”
- Strategic News Releases in Equity Vesting Months (2018, background): “We find that CEOs are likely to sell equity shortly after it vests, consistent with the optimal exercise behavior of an undiversified agent (e.g., Kahl, Liu, and Longstaff (2003) and Hall and Murphy (2002)).”