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  • 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... View Details
Keywords: Sean Silverthorne
  • 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... View Details
Keywords: Martha Lagace
  • 07 Sep 2011
  • First Look

First Look: Sept. 7

illiquid hedge fund holdings that one of their clients had commissioned them to sell and had now to decide to whom they should sell the holdings, if they should split up the portfolio, or if they should postpone the sale. At the same... View Details
Keywords: Sean Silverthorne
  • 28 Apr 2009
  • First Look

First Look: April 28, 2009

property. Despite its increasingly important role in the global marketplace, IP remained a notoriously illiquid asset-difficult to value, harder to trade, and often underutilized by owners. CEO Jim Malackowski and his colleagues hoped to... View Details
Keywords: Martha Lagace
  • 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... View Details
Keywords: by Julia Hanna; Construction; Real Estate
  • 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... View Details
Keywords: 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... View Details
Keywords: Carmen Nobel
  • 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... View Details
Keywords: by Nicolas P. Retsinas; Banking; Construction; Real Estate
  • 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:... View Details
Keywords: 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.... View Details
Keywords: Sean Silverthorne
  • 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... View Details
Keywords: by Julie Jette
  • 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... View Details
Keywords: Sean Silverthorne
  • 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
Keywords: Martha Lagace
  • 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... View Details
Keywords: Martha Lagace
  • 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... View Details
Keywords: Martha Lagace
  • 30 Jun 2015
  • First Look

First Look: June 30, 2015

Case 815-124 Yale University Investments Office: February 2015 David Swensen and the Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments-hedge funds, private... View Details
Keywords: Carmen Nobel
  • 24 Jan 2012
  • First Look

First Look: Jan. 24

Investments Office staff must decide whether to continue to allocate the bulk of the university's endowment to illiquid investments-hedge funds, private equity, real estate-given the impact of the recent market turmoil. The case explores... View Details
Keywords: Sean Silverthorne
  • 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... View Details
Keywords: Sean Silverthorne
  • 21 Apr 2009
  • First Look

First Look: April 21, 2009

portfolios of its conduits. The question is, how has the firm performed over the past four years? Has it earned $5 billion or lost $5 billion? Fair value accounting plays a key role in the dilemma. How should a financial services firm measure and report income in the... View Details
Keywords: Martha Lagace

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