Heterogeneous Expectations, Restrictions on Short Sales, and Equilibrium Asset Prices
在异质预期下，用均值-方差模型分析卖空限制对均衡资产价格的影响，发现限制卖空可能使风险资产价格上升或下降，但若对未来价格协方差矩阵的信念同质，则只会推高价格。
Under heterogeneous expectations, the mean–variance model of capital market equilibrium is employed to determine the effect restricting short sales has on equilibrium asset prices. Two equivalent markets differing only with respect to short sale restrictions are compared. It is shown that, in general, risky asset prices can either rise or fall due to short sale constraints. However, under a homogeneity of beliefs for the covariance matrix of future prices, short sale constraints will only increase risky asset prices.