Locked Up by a Lockup: Valuing Liquidity as a Real Option
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Hedge funds often impose lockups and notice periods to limit the ability of investors to withdraw capital. We model the investor's decision to withdraw capital as a real option and treat lockups and notice periods as exercise restrictions. Our methodology incorporates time-varying probabilities of
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美国国家经济研究局创建时间：
2010-04-01
