Non-Marketability and One-Day Selling Lockup
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发布日期:2022年04月26日 上次修订日期:2023年04月28日


We examine a unique one day lockup constraint in stock markets in China and contribute to the understanding of impact of non-marketability on asset prices. Buyers of Chinese stocks are subject to a one day lockup and cannot sell their shares until the next day, but warrant traders are free of such restrictions. We demonstrate that the lockup creates a price discount relative to stock value implied by warrants. We show that the discount decreases throughout the trading day and that investors tend to purchase stocks when the lockup becomes less binding. The paper provides implications to value illiquid assets.

Jiangze Bian ; Tie Su ; Jun Wang ; Non-Marketability and One-Day Selling Lockup (2022年04月26日)

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