restrictions are imposed. Second, with positive asset holdings in the initial period, the optimal execution time depends on trading …

, with positive initial trading, the optimal execution time depends on trading activity in the initial period. …

execution as a recursive impact that recovers gradually with associated uncertainty. We then derive the optimal execution … volatility/liquidity risk given investor risk aversion. Using our model, we analyze some implications of the optimal execution … strategy with comparative statics and simulations. We also discuss whether we avoid price manipulation with our optimal …