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Publications

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  • March 2022
  • Module Note

Managing Exits and Liquidity in Entrepreneurial Finance

By: Shai Bernstein
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  • 2021
  • Working Paper

Bank Balance Sheet Constraints and Bond Liquidity

By: Johannes Breckenfelder and Victoria Ivashina
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  • January 2019 (Revised January 2019)
  • Case

An eSports Profile: Team Liquid & aXiomatic

By: Robert F. Higgins and James Barnett
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  • 2016
  • Working Paper

Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

By: Juliane Begenau
This paper develops a quantitative dynamic general equilibrium model in which households' preferences for safe and liquid assets constitute a violation of Modigliani and Miller. I show that the scarcity of these coveted assets created by increased bank capital... View Details
Keywords: Capital Requirement; Bank Regulation; Demand For Safe Assets; Business Cycles; Bank Lending; Risk Management; Financial Liquidity; Financing and Loans; Capital; Banks and Banking
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  • Article

Liquidity Events and the Geographic Distribution of Organizational Foundings

Keywords: Financial Liquidity; Geography; Organizations
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  • 27 Mar 2015
  • Working Paper Summaries

Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

Keywords: by Juliane Begenau; Banking; Financial Services
  • 27 May 2011
  • Working Paper Summaries

An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds

Keywords: by Carolin E. Pflueger & Luis M. Viceira

    The Hidden Costs of Stock Market Liquidity (JFE 1993)

    • 2016
    • Chapter

    Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity

    By: Carolin E. Pflueger and Luis M. Viceira
    Keywords: Investment Return; Bonds; Forecasting and Prediction; Inflation and Deflation
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    • August 2017
    • Comment

    Comment on: "Dealer Balance Sheets and Bond Liquidity Provision" by Adrian, Boyarchenko and Shachar

    By: Marco Di Maggio
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    • 2024
    • Working Paper

    LASH Risk and Interest Rates

    By: Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathan Hazell and Ioana Neamtu
    We introduce a framework to understand and quantify a form of liquidity risk that we dub Liquidity After Solvency Hedging or “LASH” risk. Financial institutions take LASH risk when they hedge against losses, using strategies that lead to liquidity needs when the value... View Details
    Keywords: Liquidity; Monetary Policy; Non-bank Intermediaries; Hedging; Risk and Uncertainty; Investment Funds; Financial Condition; Interest Rates
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    • February 1989
    • Article

    Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief

    By: K. A. Froot
    Keywords: Chapter 7; Debt Reduction; Default; Sovereign Debt; Debt Crisis; Debt Restructuring; Borrowing and Debt
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    • February 2009 (Revised June 2010)
    • Background Note

    Note on Valuing Control and Liquidity in Family and Closely Held Firms

    Most companies around the world are family controlled and/or closely held. The need to value these companies routinely arises in practice for a variety of reasons, e.g., to buy out minority shareholders; for gift and estate tax purposes; to tie executive compensation... View Details
    Keywords: Family Business; Financial Liquidity; Governance Controls; Valuation
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    • Research Summary

    Characteristics of Corporate Bond Transactions: Evolution Through Time and Across Liquidity (with George Chacko, Marti Subrahmanyam, and Jeffrey Sutthoff)

    The US corporate bond market is one of the most opaque, illiquid markets for corporate securities. Large, comprehensive bond databases are scarce, making it difficult to formally study and understand bond trading behavior. In this paper, we use a unique database of... View Details
    • April 2025
    • Article

    Crisis Interventions in Corporate Insolvency

    By: Samuel Antill and Christopher Clayton
    We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... View Details
    Keywords: Insolvent Firms; Government Intervention; Liquidation; Econometric Models; Insolvency and Bankruptcy; Policy
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    • 2024
    • Other Unpublished Work

    A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies

    By: Laura Alfaro, Guillermo Calvo, José de Gregorio, Augusto de la Torre, Pablo Guidotti, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez and Andrés Velasco
    This paper addresses a critical flaw in the international financial system: the failure to address the inherent asymmetry between countries that issue reserve currencies and those that do not, leaving the latter vulnerable during systemic liquidity crises. We propose... View Details
    Keywords: Macroeconomics; Emerging Markets; Financial Markets; International Finance; Developing Countries and Economies; Latin America
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    • 23 Nov 2015
    • Working Paper Summaries

    Self Control and Commitment: Can Decreasing the Liquidity of a Savings Account Increase Deposits?

    Keywords: by John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, Christopher Harris & Jung Sakong; Banking
    • September 2008 (Revised June 2013)
    • Case

    Odyssey Healthcare

    By: Robert F. Higgins, Virginia Fuller and Umer Raffat
    In January 2001, Dick Burnham, CEO of Odyssey Healthcare, and Odyssey's Board of Directors were considering selling the hospice care company to a larger provider or making an initial public offering (IPO). With 38 hospice locations in 21 states, Odyssey had been... View Details
    Keywords: Liquidity; Venture Creation/development; Hospice; Venture Capital; Financial Liquidity; Business Exit or Shutdown; Business Growth and Maturation; Business Plan; Entrepreneurship; Health Industry; United States
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    • 2020
    • Working Paper

    The Cost of Anonymous Lemons

    By: Amar Bhidé
    Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the US. The subtle costs of the information restricting rules raise questions about the social value of... View Details
    Keywords: Information Asymmetry; Securities; Securitization; Regulation; Liquidity; Information; Financial Markets; Governing Rules, Regulations, and Reforms; Financial Liquidity
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    • June 2021
    • Article

    Symmetric Ignorance: The Cost of Anonymous Lemons

    By: Amar Bhidé
    Rules that restrict information required in negotiated private transactions have spurred a vast increase in the scope of anonymous financial markets, particularly in the United States. The subtle costs of the information‐restricting rules raise questions about the... View Details
    Keywords: Information Asymmetry; Liquidity; Regulation; Securities Markets; Securitization; Information; Financial Liquidity; Financial Markets; Governing Rules, Regulations, and Reforms
    Related