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- All HBS Web (72)
- Faculty Publications (41)
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- All HBS Web (72)
- Faculty Publications (41)
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- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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