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- All HBS Web (66)
- Faculty Publications (35)
- 17 Dec 2001
- Research & Ideas
Becoming the Next Real Estate Mogul
real estate industry can make oral agreements seem less binding than they might in other businesses. The illiquid nature of real estate also allows dealmakers more time to back out of an agreement. Staying on top of internal dynamics is a...
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- 30 Apr 2001
- Research & Ideas
Big Companies, Big Opportunities—Big Questions
away from anything but a majority position, Rodriguez said. Illiquid markets are also a turn-off for institutional investors. Only thirty-three companies in Latin America meet the minimum $5 million in daily trading volume most fund...
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by Julie Jette
- 23 Jan 2008
- Op-Ed
A House Divided: Investment or Shelter?
expanded a dormer or converted a breezeway. But most home-owning families stayed put, expecting to age in their homes. This experience was not unique to America. In most of the world, homeownership still carries that expectation of rootedness. Home also represented an...
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- 17 Mar 2015
- First Look
First Look: March 17
of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid fixed-income assets to maturity, and they rely on deposit insurance and...
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Sean Silverthorne
- 02 May 2017
- First Look
First Look at New Research: May 2, 2017
responsible for the majority of variation in bank value. We also find evidence consistent with synergies between deposit-taking and lending activities: banks with high deposit productivity have high asset productivity, a relationship driven by the tendency of...
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Carmen Nobel
- 01 Dec 2015
- News
Giving Advice
Investment returns are not a major aspect of the decision. That makes impact investing (which is usually more illiquid and a long-term commitment than the typical portfolio) complicated—it’s hard to know what its appropriate role is....
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- 28 Feb 2007
- Research & Ideas
Capital Rules: The Tensions of Global Finance
implemented by a developing country's government frustrated by widespread short-selling in the illiquid market for its currency; amid relatively sound economic fundamentals; when foreign direct investment was exempted from the...
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by Rawi Abdelal
- 02 Feb 2010
- First Look
First Look: Feb. 2
Endowment Model of Investing, which was based on creating high risk-adjusted performance through diversification, a long time horizon, top-notch outside managers, and illiquid investments, had served Notre Dame and other large...
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Martha Lagace
- 03 Jul 2012
- First Look
First Look: July 3
Ramana Nanda, and James McQuadeHarvard Business School Case 812-072 In 2011, SecondMarket was an online platform that facilitated secondary transactions of illiquid assets, including private company stock. This case explores reasons for...
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Sean Silverthorne
- 22 Jul 2014
- First Look
First Look: July 22
traditional banks have a comparative advantage at holding fixed-income assets that have only modest fundamental risk but are relatively illiquid and have substantial transitory price volatility. Download working paper:...
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Sean Silverthorne
- 19 Feb 2013
- First Look
First Look: Feb. 19
and when buyers and sellers do manage to find each other, they usually negotiate under enormous uncertainty: prices of similar patents vary widely from transaction to transaction, and the terms of the transactions (including prices) are often secret and confidential....
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Sean Silverthorne
- 10 Dec 2013
- First Look
First Look: December 10
liquidation value is not directly intuitive, since intangibles are highly illiquid assets and have uncertain future cash flows. Can banks reliably secure corporate loans by intellectual property, and how can they alleviate the challenges...
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Sean Silverthorne
- 01 Dec 2012
- News
Rival Visions
were misdirected illusions of ways to become rich. It would take Gallatin well over a decade to realize that his gifts lay not in dealing with land and agriculture, but rather in managing money and other financial instruments—liquid capital, not View Details
- 02 Aug 2016
- First Look
August 2, 2016
than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial amounts of cash, which they use to accommodate inflows and outflows rather than transacting in the underlying portfolio assets. This is particularly true...
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Sean Silverthorne
- 10 Aug 2010
- First Look
First Look: August 10
FarriHarvard Business School Case 310-090 In late January 2009, Thomas Fekete, managing director at Barclays Wealth in London, redeemed the most illiquid positions in the so-called Wealth Absolute Return Fund (WAR), one of Barclays...
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Martha Lagace
- Web
Supplemental Financial Information - Annual Report 2020
in place new performance incentives. HMC’s investment portfolio is evolving in parallel. Repositioning of the portfolio’s liquid assets—public equities and hedge funds—is well underway. Given the nature of HMC’s illiquid...
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- 27 May 2009
- First Look
First Look: May 27, 2009
zip-code level, this suggests that unforced sales take place at approximately efficient prices, while forced-sales prices reflect time-varying illiquidity in neighborhood housing markets. At a more local level, however, we find that...
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Martha Lagace
- 06 Mar 2007
- First Look
First Look: March 6, 2007
Office must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments—hedge funds, private equity, real estate, and so forth. Considers the risks and benefits of a different asset allocation...
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Martha Lagace
- Web
Supplemental Financial Information - Annual Report 2019
underway. Given the nature of HMC’s illiquid investments—private equity, real estate, and natural resources—restructuring this portion of the portfolio will span multiple years. The return on endowment assets for fiscal 2019, net of...
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- 11 Aug 2009
- First Look
First Look: August 11, 2009
component of bid-ask spreads. We empirically examine these predictions for a sample of large U.S. banks, exploiting recent mandatory disclosures of financial instruments designated as fair value levels 1, 2, and 3, which indicate progressively more View Details
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Martha Lagace