应数学系统计与运筹研究所王勇教授邀请，美国迈阿密大学金融学(University of Miami )教授宿铁老师将于6月23日-6月25日来公司进行讲学活动，欢迎感兴趣的师生参加！
报告题目：
(1) Non-Marketability and One-Day Selling Lockup
(2) CFA program.
(3) University of Miami finance programs and teaching related issues.
(4)Model-Free Boundaries of Option Time Value and Early Exercise Premium
报告时间： 6月24日上午8:30-10:00；10:00-11:30
6月25日上午8:30-10:00；10:00-11:30
报告地点：格物楼503
报告摘要： (1) Abstract: We study the effect of non-marketability on stock prices, and examine a unique repeated non-marketability constraint that lasts for less than one day in China. Chinese stock buyers face a one-day lockup and cannot sell their shares until the next trading day. Using the equity call warrants that are not subject to this trading constraint as a control, we provide evidence that non-marketability lowers the prices of stocks. We further show that the
discount decreases throughout the trading day and that investors tend to purchase more stocks when the one-day trading lockup becomes less binding toward the market close. Our results are consistent with liquidity-based asset pricing theories that the non-marketability constraint lowers equilibrium prices through adversely affecting investor demand.
(2) Abstract: Why become a Chartered Financial Analyst®?The CFA® charter and your career,CFA Program requirements,The CFA exam,How to get started.
Successful candidates start early!
(3) Abstract: University of Miami finance degree programs(Required Courses, Elective Courses–1, Elective Courses–2, Additional Areas of Study) ;
University of Miami finance degree Practice Teaching Programs(Intern (Career Expos & Fairs, Employer Information Sessions), Trip to Wall Street(Bermont/Carlin Scholars Program, Annual trip to New York), Bloomberg(Real-time financial reporting system, Bloomberg terminals), Bloomberg Aptitude Test (BAT), “StockTrak” Online Simulated Trading Game, Student Managed Investment Fund, Business Plan Competition, Lab Courses)
University of Miami finance degree Teaching Method Programs(Teaching Elements, Textbooks, Teaching Highlight)
University of Miami finance degree Profession Schedule(Toppel Career Center, Fee-Based Services,Non Fee-Based Services, Key elements)
(4) Abstract：Based on option put-call parity relation, we derive model-free boundary conditions of option time value and option early exercise premium with presence of cash dividends on the underlying stock. The paper produces four main results.
1) For European options, the difference in time value between a call option and a put option is the discount interest earned on the exercise price less the present value of cash dividends to be paid before the option expiration. 2) For American options, the difference in time value between a call option and a put option is bounded between the negative amount of the present value of dividends and the discount interest earned on the exercise price. 3) The early exercise premium of an American put option is bounded between zero and the discount interest earned on the exercise price. 4) The early exercise premium of an American call option is bounded between zero and the present value of cash dividends to be paid before the option expiration. Based on results 3) and 4), the difference in early exercise premiums between an American put option and a call option is bounded below by the negative amount of the present value of cash dividends and bounded above by the discount interest earned on the exercise price. We numerically test these results in the Black-Scholes and binomial tree models. This paper contributes to the finance literature. It extends the understanding of option time value and option early exercise premium, provides boundary conditions for option-pricing model calibration, and indirectly helps enhance market efficiency and make optimal option early exercise decisions especially when the underlying stock pays cash dividends.
