{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,22]],"date-time":"2026-10-22T05:39:34Z","timestamp":1792647574182,"version":"4.5.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>This paper studies a dynamic mean-variance portfolio selection problem in which each rebalancing incurs a transaction cost equal to a fixed proportion of pre-trade total wealth. The resulting problem is formulated as a time-inconsistent impulse control problem. To address time inconsistency, we introduce a notion of equilibrium impulse strategy based on two types of one-shot deviations: immediate intervention and short forced waiting. We derive an extended quasi-variational inequality system involving a nonlocal intervention operator and a boundary transmission condition, and establish a verification theorem under regionwise regularity conditions. Numerical results identify buy and sell boundaries and a common post-intervention target that lies in the continuation region and is independent of the pre-trade allocation. As maturity approaches, both trading regions shrink while the continuation region expands, reflecting the diminishing time available for rebalancing benefits to offset intervention costs.<\/jats:p>","DOI":"10.2139\/ssrn.7648979","type":"posted-content","created":{"date-parts":[[2026,10,22]],"date-time":"2026-10-22T05:18:31Z","timestamp":1792646311000},"source":"Crossref","is-referenced-by-count":0,"title":["Equilibrium Impulse Strategies for Mean-Variance Portfolio Selection with Transaction Costs&amp;nbsp;"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3323-6725","authenticated-orcid":true,"given":"Zhaoli","family":"Jiang","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Dongchen","family":"Li","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,22]],"date-time":"2026-10-22T05:18:31Z","timestamp":1792646311000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7648979"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7648979","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}