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

报告人：程平博士 美国Florida Atlantic University金融、保险与不动产系副教授

时间：2013年7月10日（星期三）上午10:00-12:00

地点：tyc234cc 太阳成集团313室      

程平博士简介：

程平博士是弗罗里达大西洋大学金融、保险与不动产系副教授。程平博士当前的主要研究方向为：不动产金融、证券投资、房地产定价、工程项目投融资、房地产金融市场风险研究。程平博士1986年毕业于清华大学土木工程系，之后在中国西北建筑设计院从事建筑设计及研究工作。1992年赴美留学，于1997年获得乔治亚州立大学博士学位。目前程平博士已经在Journal of Financial and Quantitative Analysis， Real Estate Economics，Journal of Portfolio Management，Journal of Real Estate Finance and Economics等期刊发表高水平学术论文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.”