題目：Performance of Thinly-traded Assets: a Case in Real Estate

報告人：程平博士 美國Florida Atlantic University金融、保險與不動產系副教授

時間：2013年7月10日（星期三）上午10:00-12:00

地點：bwin必贏唯一官網313室      

程平博士簡介：

程平博士是弗羅里達大西洋大學金融、保險與不動產系副教授。程平博士當前的主要研究方向為：不動產金融、證券投資、房地產定價、工程項目投融資、房地產金融市場風險研究。程平博士1986年畢業(yè)于清華大學土木工程系，之后在中國西北建筑設計院從事建筑設計及研究工作。1992年赴美留學，于1997年獲得喬治亞州立大學博士學位。目前程平博士已經在Journal of Financial and Quantitative Analysis， Real Estate Economics，Journal of Portfolio Management，Journal of Real Estate Finance and Economics等期刊發(fā)表高水平學術論文30多篇。

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附：

Abstract：Thinly-traded private assets do not fit into the traditional finance paradigm of a liquid and well-functioning market where trading is continuous and instantaneous. Since private assets cannot be bought and sold easily, they bear liquidity risk. Classical finance theories cannot properly gauge the performance of illiquid private assets because they implicitly assume such illiquidity is trivial. This paper proposes an alternative performance metric for the illiquid private asset, which explicitly captures liquidity risk in a formal analysis. Applying the new performance metric, we are able to solve the decades-old “real estate risk premium puzzle.”