Optimal Redeeming Strategy Of Stock Loan With Finite Maturity About Interest Rate Lag

In years with the global financial market fluctuation intensifies, financial products more and more complicated, financial crisis occurred frequently, banks began to more and more reduce credit loan. Assets mortgage loans in the United States and other western countries is becoming more and more popular, real estate mortgage loans accounted for a large part of all loan facilities. Other property mortgage loans such as the use of financial assets as collateral loans it development, financial asset collateral usually include bond, stock, fund, etc. Stock loan as a financial assets mortgage a way is a loan, secured by a stock, the borrower may redeem the stock in the maturity date or any time prior to the expiry date, or give up stock redemption. Then there arose the question:If assumption that the loan principal for K, loan interest rate is y, what time is the redemption of stock, the stock loan is a new development of loan way, so it is little research on in the domestic and foreign.The first to research the stock loan is in [21], Xia and zhou in Black-Scholes frame-work research this problem, it assumes that the stock loan is perpetual. In the redemption before stock dividend to the lender, in this case, they found that the stock is essentially a loan interest rates can be negative American call option, and it is concluded that the option price formula of the closed form solution and analysis of the optimal strategy of redemption.[7] is Dai and Xu in [14] considered on the basis of different forms of dividend distribution period limited stock loans to redeem the optimal strategy.In this paper on the basis of [7] and considering the lag of interest rates different forms of dividend distribution due date of the loan stock of the optimal strategy of redemption. The existing theory is that, interest rate movements and the price of the stock is negatively related to the relationship, that interest rates fall, stock prices rise; Higher interest rates, stock prices fell. The stock to economic reaction has foresight, so the interest rate on the influence of the stock price will not immediately demonstrated, usually lag period of time. This article mainly research interest rates lag and different dividend distribution to the stock price and the most optimal redemption strategy influence.The structure of this paper are arranged as following:In the second section, we present stock redemption before, dividends to the lender of the establishment of the model, main properties and proof. In the third quarter, we are investing in stock dividend immediately, when the borrower in redemption return model, the main properties and proof. In the fourth section, we present in the loan period, Dividend immediately return to the model, main properties and proof.