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

報(bào)告人：程平博士 美國(guó)Florida Atlantic University金融、保險(xiǎn)與不動(dòng)產(chǎn)系副教授

時(shí)間：2013年7月10日（星期三）上午10:00-12:00

地點(diǎn)：bwin必贏唯一官網(wǎng)313室      

程平博士簡(jiǎn)介：

程平博士是弗羅里達(dá)大西洋大學(xué)金融、保險(xiǎn)與不動(dòng)產(chǎn)系副教授。程平博士當(dāng)前的主要研究方向?yàn)椋翰粍?dòng)產(chǎn)金融、證券投資、房地產(chǎn)定價(jià)、工程項(xiàng)目投融資、房地產(chǎn)金融市場(chǎng)風(fēng)險(xiǎn)研究。程平博士1986年畢業(yè)于清華大學(xué)土木工程系，之后在中國(guó)西北建筑設(shè)計(jì)院從事建筑設(shè)計(jì)及研究工作。1992年赴美留學(xué)，于1997年獲得喬治亞州立大學(xué)博士學(xué)位。目前程平博士已經(jīng)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(xué)術(shù)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.”