We propose insiders'incentive of diversifying wealth variation risks in the open market , and analyze the equilibrium and social welfare under pre-announcement regime based on HHW model .
本文提出了内部人基于分散财富风险进行交易的动机，并在HHW的理论模型框架内分析了预售公告制度下的市场均衡和社会福利变化。
hhw