Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
  • Research
    • Research
    • Publications
    • Global Research Centers
    • Case Development
    • Initiatives & Projects
    • Research Services
    • Seminars & Conferences
    →
  • Publications→

Publications

Publications

Filter Results : (25) Arrow Down
Filter Results : (25) Arrow Down Arrow Up

Show Results For

  • All HBS Web  (65)
    • Faculty Publications  (25)

    Show Results For

    • All HBS Web  (65)
      • Faculty Publications  (25)

      Illiquidity Remove Illiquidity →

      Page 1 of 25 Results →

      Are you looking for?

      → Search All HBS Web
      • March 2021
      • Case

      Yale Investments Office: November 2020

      By: Josh Lerner, Jo Tango and Alys Ferragamo
      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 equity, venture capital, real estate, natural resources—given the impact of the COVID-19...  View Details
      Keywords: University Endowment; Asset Allocation; Real Estate; Equities; Fixed Income; COVID-19; Asset Management; Private Equity; Venture Capital; Natural Resources; Resource Allocation; Investment; Investment Portfolio; Health Pandemics; Financial Crisis; Financial Services Industry; Real Estate Industry; Energy Industry; Connecticut
      Citation
      Educators
      Purchase
      Related
      Lerner, Josh, Jo Tango, and Alys Ferragamo. "Yale Investments Office: November 2020." Harvard Business School Case 821-074, March 2021.
      • 2022
      • Working Paper

      Optimal Illiquidity

      By: John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson and Brigitte C. Madrian
      We calculate the socially optimal level of illiquidity in an economy populated by households with taste shocks and naive present bias. The government chooses mandatory contributions to accounts, each witha different pre-retirement withdrawal penalty. Collected...  View Details
      Keywords: Illiquidity; Commitment; Flexibility; Savings; Social Security; Retirement; Government Legislation; Taxation; Saving
      Citation
      Read Now
      Related
      Beshears, John, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson, and Brigitte C. Madrian. "Optimal Illiquidity." Working Paper, July 2022.
      • 2019
      • Book

      Patient Capital: The Challenges and Promises of Long-Term Investing

      By: Victoria Ivashina and Josh Lerner
      There has never been a greater need for long-term investments. And it is increasingly unlikely that the public sector will be willing or able to fill the gap. Those best positioned to address the long-run needs are likely to be the pools of capital in the hands of...  View Details
      Keywords: Long-term Investing; Large Investors; Capital; Investment; Strategic Planning; Problems and Challenges; Opportunities; Society
      Citation
      Find at Harvard
      Purchase
      Related
      Ivashina, Victoria, and Josh Lerner. Patient Capital: The Challenges and Promises of Long-Term Investing. First ed. Princeton, NJ: Princeton University Press, 2019.
      • 2016
      • Working Paper

      Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds

      By: Sergey Chernenko and Adi Sunderam
      We study liquidity transformation in mutual funds using a novel dataset on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial...  View Details
      Keywords: Financial Liquidity; Cash; Investment Funds
      Citation
      Read Now
      Related
      Chernenko, Sergey, and Adi Sunderam. "Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds." Harvard Business School Project on Behavioral Finance and Financial Stability Working Paper, No. 2016-01, July 2016. (NBER Working Paper Series, No. 22391, July 2016.)
      • September 2015
      • Article

      Banks as Patient Fixed-Income Investors

      By: Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein and Robert W. Vishny
      We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid...  View Details
      Keywords: Shadow Banking; Safe Money-like Claims; Commercial Banking
      Citation
      Find at Harvard
      Related
      Hanson, Samuel G., Andrei Shleifer, Jeremy C. Stein, and Robert W. Vishny. "Banks as Patient Fixed-Income Investors." Journal of Financial Economics 117, no. 3 (September 2015): 449–469. (Internet Appendix Here.)
      • Article

      Liquidity in Retirement Savings Systems: An International Comparison

      By: John Beshears, James J. Choi, Joshua Hurwitz, David Laibson and Brigitte C. Madrian
      We compare the liquidity that six developed countries have built into their employer-based defined contribution (DC) retirement schemes. In Germany, Singapore, and the UK, withdrawals are essentially banned no matter what kind of transitory income shock the household...  View Details
      Keywords: Saving; Financial Liquidity; Retirement; Canada; Germany; Australia; United Kingdom; United States; Singapore
      Citation
      Find at Harvard
      Read Now
      Related
      Beshears, John, James J. Choi, Joshua Hurwitz, David Laibson, and Brigitte C. Madrian. "Liquidity in Retirement Savings Systems: An International Comparison." American Economic Review: Papers and Proceedings 105, no. 5 (May 2015): 420–425.
      • April 2015 (Revised April 2015)
      • Case

      Yale University Investments Office: February 2015

      By: Josh Lerner
      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 equity, real estate—given the impact of the recent market turmoil. The case explores the risks...  View Details
      Keywords: Asset Management; Resource Allocation; Investment; Venture Capital; Investment Funds; Property; Private Equity
      Citation
      Educators
      Purchase
      Related
      Lerner, Josh. "Yale University Investments Office: February 2015." Harvard Business School Case 815-124, April 2015. (Revised April 2015.)
      • August 2013 (Revised November 2013)
      • Case

      Gordon Brothers: Collateralizing Corporate Loans by Brands

      By: Paul Healy and Maria Loumioti
      The case explores the collateralization of intellectual property in a loan agreement between a highly leveraged apparel company and a large US bank. Leveraging intangibles in the credit market is a new practice that has significantly grown over the past few years....  View Details
      Keywords: Intangible Assets; Accounting; Valuation; Finance; Restructuring; United States
      Citation
      Educators
      Purchase
      Related
      Healy, Paul, and Maria Loumioti. "Gordon Brothers: Collateralizing Corporate Loans by Brands." Harvard Business School Case 114-016, August 2013. (Revised November 2013.)
      • Winter 2013
      • Article

      The New Patent Intermediaries: Platforms, Defensive Aggregators and Super-Aggregators

      By: Andrei Hagiu and David B. Yoffie
      The patent market consists mainly of privately negotiated, bilateral transactions, either sales or cross-licenses, between large companies. There is no eBay, Amazon, New York Stock Exchange, or Kelley's Blue Book equivalent for patents, and when buyers and sellers do...  View Details
      Keywords: Intellectual Property; Platforms; Intermediaries; Aggregator; Patents; Digital Platforms; Marketplace Matching; Distribution Channels
      Citation
      Find at Harvard
      Read Now
      Related
      Hagiu, Andrei, and David B. Yoffie. "The New Patent Intermediaries: Platforms, Defensive Aggregators and Super-Aggregators." Journal of Economic Perspectives 27, no. 1 (Winter 2013): 45–66.
      • November 2011 (Revised May 2012)
      • Case

      SecondMarket—Providing Liquidity for Shareholders of Privately Held iContact

      By: William A. Sahlman, Ramana Nanda and James McQuade
      In 2011, SecondMarket was an online platform that facilitated secondary transactions of illiquid assets, including private company stock. This case explores reasons for the decline in small-cap IPOs in the United States from the 1990s to the 2000s and how the emergence...  View Details
      Keywords: Business and Shareholder Relations
      Citation
      Educators
      Purchase
      Related
      Sahlman, William A., Ramana Nanda, and James McQuade. "SecondMarket—Providing Liquidity for Shareholders of Privately Held iContact." Harvard Business School Case 812-072, November 2011. (Revised May 2012.)
      • October 2011 (Revised March 2013)
      • Case

      Yale University Investments Office: February 2011

      By: Josh Lerner and Ann Leamon
      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 equity, real estate—given the impact of the recent market turmoil. The case explores the risks...  View Details
      Keywords: Asset Management; Resource Allocation; Investment; Venture Capital; Investment Funds; Property; Private Equity
      Citation
      Educators
      Purchase
      Related
      Lerner, Josh, and Ann Leamon. "Yale University Investments Office: February 2011." Harvard Business School Case 812-062, October 2011. (Revised March 2013.)
      • June 2011
      • Case

      Shelley Capital and the Hedge Fund Secondary Market

      By: Luis Viceira, Elena Corsi and Ruth Dittrich
      An advisory company has to decide how to sell their client's hedge fund holdings in the secondary market, and thinks about their future. Shelley Capital was a a European advisory company operating in the hedge fund secondary market, a market that boosted in 2008 with...  View Details
      Keywords: Insolvency and Bankruptcy; Investment Funds; Marketing Strategy; Financial Crisis; Sales; Leadership Development; Financial Markets; Crisis Management; Business Processes; Risk and Uncertainty; Globalized Economies and Regions; Financial Services Industry; Service Industry; Europe
      Citation
      Educators
      Purchase
      Related
      Viceira, Luis, Elena Corsi, and Ruth Dittrich. "Shelley Capital and the Hedge Fund Secondary Market." Harvard Business School Case 211-112, June 2011.
      • October 2009 (Revised January 2010)
      • Case

      The University of Notre Dame Endowment

      By: Andre F. Perold and Paul Michael Buser
      The 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 universities well over the past...  View Details
      Keywords: Financial Crisis; Higher Education; Asset Management; Private Equity; Financial Liquidity; Investment; Risk Management; Performance Evaluation; Education Industry; Financial Services Industry
      Citation
      Educators
      Purchase
      Related
      Perold, Andre F., and Paul Michael Buser. "The University of Notre Dame Endowment." Harvard Business School Case 210-007, October 2009. (Revised January 2010.)
      • March 2009 (Revised July 2010)
      • Case

      State Street Corporation

      By: William E. Fruhan
      To maximize their effectiveness, color cases should be printed in color. State Street Corp. reports a 13% gain in EPS in 2008 amidst a global financial crisis. The stock price declines 59% on the day of the earnings report. This one day decline was exceeded in the...  View Details
      Keywords: Fair Value Accounting; Financial Reporting; Financial Crisis; Financial Liquidity; Financial Markets; Crisis Management; Financial Services Industry
      Citation
      Educators
      Purchase
      Related
      Fruhan, William E. "State Street Corporation." Harvard Business School Case 209-112, March 2009. (Revised July 2010.)
      • March 2009 (Revised September 2011)
      • Case

      UBS and Auction Rate Securities (A)

      By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai
      UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe...  View Details
      Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry
      Citation
      Educators
      Purchase
      Related
      Bergstresser, Daniel Baird, Shawn A. Cole, and Siddharth Bhaskar Shenai. "UBS and Auction Rate Securities (A)." Harvard Business School Case 209-119, March 2009. (Revised September 2011.)
      • January 2007 (Revised March 2011)
      • Case

      Yale University Investments Office: August 2006

      By: Josh Lerner
      The Yale Investments 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 strategy....  View Details
      Keywords: Higher Education; Asset Management; Financial Management; Financial Strategy; Investment Portfolio; Risk Management
      Citation
      Educators
      Purchase
      Related
      Lerner, Josh. "Yale University Investments Office: August 2006." Harvard Business School Case 807-073, January 2007. (Revised March 2011.)
      • Article

      Real Estate Opportunity Funds

      By: Nori Gerardo Lietz, Thea C. Hahn and David Geltner
      Real estate opportunity funds are one of the fastest-growing segments of the real estate investment industry, similar in some basic respects to other private equity and alternative investment asset classes that seek high returns by taking on more risk in highly...  View Details
      Keywords: Real Estate; Opportunity Funds; Investment Management; Property; Investment Funds; Management; Performance Consistency
      Citation
      Find at Harvard
      Purchase
      Related
      Lietz, Nori Gerardo, Thea C. Hahn, and David Geltner. "Real Estate Opportunity Funds." Journal of Portfolio Management 31, no. 5 (2005): 143–153. (Special Real Estate Issue 2005.)
      • May 2004 (Revised April 2006)
      • Case

      Ultra: The Quest for Leadership (A)

      By: Dwight B. Crane and Ricardo Reisen de Pinho
      Ultra is one of a small group of competing Brazilian petrochemical companies, each of which buys raw material and is a minority owner of Copene, a "cracking" company that provides ethylene and other materials. Because of an industry restructuring, an auction of shares...  View Details
      Keywords: Capital; Capital Budgeting; Investment; Risk and Uncertainty; Risk Management; Industry Structures; Cash Flow; Cost of Capital; Valuation; Bids and Bidding; Economy; Ownership Stake; Chemical Industry; Brazil
      Citation
      Find at Harvard
      Related
      Crane, Dwight B., and Ricardo Reisen de Pinho. "Ultra: The Quest for Leadership (A)." Harvard Business School Case 204-146, May 2004. (Revised April 2006.)
      • 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
      Keywords: History; Law; Competition; Financial Liquidity; Money; Market Entry and Exit; Financing and Loans; Banks and Banking; Banking Industry
      Citation
      Related
      Moss, David A., and Sarah Brennan. "Regulation and Reaction: The Other Side of Free Banking in Antebellum New York." Harvard Business School Working Paper, No. 04-038, April 2004.
      • April 2004
      • Article

      The Illiquidity Puzzle: Theory and Evidence from Private Equity

      By: Josh Lerner and Antoinette Schoar
      Keywords: Financial Liquidity; Theory; Information
      Citation
      Find at Harvard
      Related
      Lerner, Josh, and Antoinette Schoar. "The Illiquidity Puzzle: Theory and Evidence from Private Equity." Journal of Financial Economics 72, no. 1 (April 2004): 3–40.
      • 1
      • 2
      • →

      Are you looking for?

      → Search All HBS Web
      ǁ
      Campus Map
      Harvard Business School
      Soldiers Field
      Boston, MA 02163
      →Map & Directions
      →More Contact Information
      • Make a Gift
      • Site Map
      • Jobs
      • Harvard University
      • Trademarks
      • Policies
      • Accessibility
      • Digital Accessibility
      Copyright © President & Fellows of Harvard College