Many stocks are subject to some kinds of resale restrictions in the financial markets. In this paper, we introduce the short sale constraints into a three asset consumption-portfolio choice model and propose the Utility Indifference Discount (UID) to measure the discount of the restricted...

'The Studies in Comprehensive Regional Strategies Collected Papers (International Edition)' contains seven comprehensive and in-depth research papers for better understanding about emerging economies such as Africa, India-South Asia, Latin America, Middle East, Northeast Asia, Russia-Eurasia,...