Publications

March 2021
Case

Proteak: Valuing Forestry Assets

By: Gerardo Pérez Cavazos and Carla Larangeira

In early 2020, 414 Capital was hired by Proteak, Mexico´s largest forestry platform, to perform a valuation of its teak business, a high-grade hardwood commonly used to build boat decks, outdoor walls, furniture, doors and small objects. Teak plantations typically... View Details

Keywords: Forestry; Assets; Valuation; Forest Products Industry; Financial Services Industry; Mexico

December 2009
Article

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

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2008
Working Paper

Long-Run Stockholder Consumption Risk and Asset Returns

By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen

We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional... View Details

Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management

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Web

Complex Assets - Alumni

Giving Complex Assets Giving Complex Assets Using assets besides cash to support HBS may offer greater tax benefits and enable you to make a larger gift. How it Works Gifts of... View Details

May 1983 (Revised June 1985)
Background Note

Note on Current Assets

25 Jan 2011
News

Lessons in Asset Management

June 1983 (Revised June 1985)
Background Note

Note on Non-Current Assets

01 Oct 2000
News

Laura Scher of Working Assets

Laura S. Scher (MBA '85) is something of a modern-day Robin Hood, an entrepreneurial activist who redistributes the wealth of the marketplace to those in need. Through her company, San Francisco based Working Assets Funding Service, this... View Details

Keywords: Marguerite Rigoglioso

September 1992 (Revised September 2004)
Background Note

Accounting for Property, Plant, Equipment and Other Assets

By: William J. Bruns Jr.

An introduction to depreciation accounting and depreciation methods for capital assets. Also covers gains or losses on asset disposal and accounting for other investments and intangibles. View Details

Keywords: Accounting; Assets

January–February 1988
Article

Dynamic Strategies for Asset Allocation

By: André Perold and William F. Sharpe

Keywords: Strategy; Assets; Resource Allocation

21 Nov 2005
Research & Ideas

Making Credibility Your Strongest Asset

Negotiation is a breeze if you're selling a unique product or service that others desperately need: Just sit back and let the bidding begin. Likewise, if you're a buyer in a buyer's market, getting a bargain is a snap. But what happens when lots of other people are... View Details

Keywords: by Michael Wheeler

June 1985
Background Note

Fixed Asset Accounting and Analysis

By: David F. Hawkins

Keywords: Accounting

June 1985
Background Note

Intangible Asset Accounting and Analysis

By: David F. Hawkins

Keywords: Accounting

November 2017 (Revised November 2018)
Technical Note

Blockchain, Cryptocurrencies and Digital Assets

By: Ramana Nanda, Robert F. White and Alexey Tuzikov

Keywords: Blockchain; Cryptocurrency; Initial Coin Offering; ICO; Finance; Entrepreneurship; Financial Services Industry

2010
Chapter

Cost Structure Patterns in the Asset Management Industry

By: Dennis Campbell and Frances X. Frei

This chapter examines patterns in the cost structure of asset management firms and establishes two important trends in cost behavior. First, when revenues are growing, "indirect" costs related to sales, distribution, marketing, personnel, technology, and occupancy are... View Details

Keywords: Financial Crisis; Asset Management; Cost Management; Financial Services Industry

2013
Working Paper

Asset Price Dynamics with Limited Attention

By: Mark Seasholes, Terrence Hendershott, Sunny X. Li and Albert J. Menkveld

This paper studies the role that limited attention and inefficient risk sharing play in stock price deviations from the efficient prices at horizons from one day to one month. We expand the Due (2010) slow-moving capital model to analyze multiple groups of investors... View Details

Keywords: Transitory Volatility; Limited Attention; Individuals; Market Makers; Asset Pricing; Financial Markets; Volatility

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Research Summary

Overcoming Large-N, Small-T Issues in Asset Pricing Tests

The large-N, small-T (i.e. large cross-section, short time series) nature of our asset data presents serious estimation problems for empirical asset pricing. In response, the literature tests asset pricing models against 10-25 test assets or portfolios. A... View Details

December 2018 (Revised April 2020)
Case

Fluidity: The Tokenization of Real Estate Assets

By: Marco Di Maggio, David Lane and Susie Ma

In December 2018, the blockchain startup Fluidity was about to participate in its first tokenization deal, which would create digital access to property rights in a 12-unit Manhattan condominium complex. The deal was proof-of-concept for Fluidity, which hoped to... View Details

Keywords: Blockchain; Tokenization; Data Security; Revenue Model; Finance; Technological Innovation; Strategy