Before revision:  To quantify the value of optimally timing to sell , we introduce the delayed liquidation premium which is closely related to the stochastic bracket between the market price and a pricing kernel. We analyze the optimal liquidation policy for various credit derivatives.
After revision:  To quantify the value of optimally timing to sell , we introduce the delayed liquidation premium , and analyze the associated probabilistic representation and variational inequality. We illustrate the optimal liquidation policy for various credit derivatives.