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

PAPER MILLIONAIRES: How Valuable is Stock to a Stockholder Who is Restricted from Selling it?

Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. The economic cost of these restrictions can be large and many stockholders would actually be better off if they could sell their rest...

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

Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk of their personal wealth. We study the costs of these liquidity restrictions on stockholders using a continuous-time portfolio choice framework. These restrictions have major effects on the optimal investment and consumption strategies because of the need to hedge the illiquid ...

How valuable is cardiac rehabilitation and who should get it?

Platelet Refractoriness and how it is formed

Abstract Background and Objectives Transfusion of platelet has become one of the main treatments for thrombocytopenic patients to reduce the severity and frequency of bleeding consequences. Failure to attain the desired level of platelets in a patient following platelet transfusion is defined as platelet refractoriness. The purpose of present paper is to review and study the mechanisms involve...

Who Is a Bilingual?

The question of who is and who is not a bilingual is more difficult to answer than it first appears. Bilingualism was long regarded as the equal mastery of two languages, a definition that still prevails in certain glossaries of linguistics. However, today's complex world requires a more exact definition and analysis of the competencies that community members require to interact with speakers o...