Asset Pricing in Created Markets
利用新西兰15年渔业配额市场交易数据，检验现值资产定价模型在配额市场中的适用性，发现配额价格与利率下降、风险降低、未来鱼价上涨预期及配额制度下的成本节约预期正相关。
We investigate the applicability of the present‐value asset pricing model to fishing quota markets by applying instrumental variable panel data estimation techniques to 15 years of market transactions from New Zealand's individual transferable quota (ITQ) market. In addition to the influence of current fishing rents, we explore the effect of market interest rates, risk, and expected changes in future rents on quota asset prices. The results indicate that quota asset prices are positively related to declines in interest rates, lower levels of risk, expected increases in future fish prices, and expected cost reductions from rationalization under the quota system.