股权分置改革后我国股票市场财富效应研究.pdfVIP

T −1 E ∑[(1+ θ )]−x µ (c1+x ) x =0 T −1 Max E ∑[(1+ θ )]−x µ (c1+x ) x =0 T −1 ∑ (1+ r)−x (y t +x − ct +x ) = At x =0 ∞ r r −x ct = At + ∑ (1+ r) Eyt +x 1+ r 1+ r x =0