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- All HBS Web (72)
- Faculty Publications (41)
Show Results For
- All HBS Web (72)
- Faculty Publications (41)
- Web
Faculty & Research
Journal of Financial Economics 165 (March 2025). Optimal Illiquidity By: John Beshears , James J. Choi, Christopher Clayton, Christopher Harris, David Laibson and Brigitte C. Madrian We study the socially optimal level of View Details
- 02 Sep 2009
- Working Paper Summaries
Information Risk and Fair Value: An Examination of Equity Betas and Bid-Ask Spreads
- January 2025
- Case
North Forty: Managing Liquidity Through Change
By: Luis M. Viceira and Brad Towne
This case explores the interaction between spending and investment decisions at a family office, specifically the family office of Jeff and Tricia Raikes, with special emphasis on the management of spending, portfolio investments, and asset liquidity in the presence of... View Details
Keywords: Family Office; Forecasting and Prediction; Asset Management; Financial Liquidity; Financial Strategy; Investment Portfolio; Spending; Planning
Viceira, Luis M., and Brad Towne. "North Forty: Managing Liquidity Through Change." Harvard Business School Case 225-061, January 2025.
- 2004
- Working Paper
Regulation and Reaction: The Other Side of Free Banking in Antebellum New York
By: David A. Moss and Sarah Brennan
Free banking, which first appeared in the United States in the late 1830s, comprised two essential features: general incorporation for banks and rigorous security requirements for note issue. Because the general incorporation feature is what allowed free entry, it has... View Details
- Web
Research - Behavioral Finance & Financial Stability
backed by illiquid assets – has been performed primarily by banks. In this paper, Chernenko and Sunderam study how mutual funds use cash to accommodate fund inflows and outflows and, thereby, actively manage their liquidity provision for... View Details
- Web
HBS - Financials | Supplemental Financial Information
confidently maintain and expand its leadership in education and research for future generations. HMC's investment portfolio is evolving. Repositioning of the portfolio's liquid assets— public equities and hedge funds—is well underway. Given the nature of HMC's View Details
- 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... View Details
Keywords: by Rawi Abdelal
- 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
- 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... View Details
Keywords: Martha Lagace
- 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
- 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
- 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
- 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.... View Details
- 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
- Web
Managing and Innovating in Financial Services - Course Catalog
the allocation of credit to the corporate sector. Private equity and asset management firms are also getting involved in insurance because they see insurance as a stable source of funding, well-suited to making illiquid investments. WHO... View Details
- 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
- 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
- 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
- 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