Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Working Knowledge
Business Research for Business Leaders
  • Browse All Articles
  • Popular Articles
  • Cold Call Podcast
  • Managing the Future of Work Podcast
  • About Us
  • Book
  • Leadership
  • Marketing
  • Finance
  • Management
  • Entrepreneurship
  • All Topics...
  • Topics
    • COVID-19
    • Entrepreneurship
    • Finance
    • Gender
    • Globalization
    • Leadership
    • Management
    • Negotiation
    • Social Enterprise
    • Strategy
  • Sections
    • Book
    • Podcasts
    • HBS Case
    • In Practice
    • Lessons from the Classroom
    • Op-Ed
    • Research & Ideas
    • Research Event
    • Sharpening Your Skills
    • What Do You Think?
    • Working Paper Summaries
  • Browse All
    Filter Results: (8) Arrow Down
    Filter Results: (8) Arrow Down Arrow Up
    • Popular
    • Browse All Articles
    • About Us
    • Newsletter Sign-Up
    • RSS
    • Popular
    • Browse All Articles
    • About Us
    • Newsletter Sign-Up
    • RSS

    AssetsRemove Assets →

    New research on assets from Harvard Business School faculty on issues including liquidity transformation in asset management, asset pricing, and the asset selection of private equity investors.
    Page 1 of 8 Results
    • 12 May 2020
    • Working Paper Summaries

    Elusive Safety: The New Geography of Capital Flows and Risk

    by Laura Alfaro, Ester Faia, Ruth Judson, and Tim Schmidt-Eisenlohr

    Examining motives and incentives behind the growing international flows of US-denominated securities, this study finds that dollar-denominated capital flows are increasingly intermediated by tax haven financial centers and nonbank financial institutions.

    • 31 May 2017
    • Working Paper Summaries

    Stock Price Synchronicity and Material Sustainability Information

    by Jody Grewal, Clarissa Hauptmann, and George Serafeim

    This paper seeks to understand and provide evidence on the characteristics of emerging accounting standards for sustainability information. Given that a large number of institutional investors seek sustainability data and have committed to using it, it is increasingly important to develop a robust accounting infrastructure for the reporting of such information.

    • 15 Aug 2016
    • Working Paper Summaries

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

    by Sergey Chernenko and Adi Sunderam

    A key function of many financial intermediaries is liquidity transformation: creating liquid claims backed by illiquid assets. To date it has been difficult to measure liquidity transformation for asset managers. The study proposes a novel measure of liquidity transformation: funds’ cash management strategies. The study validates the measure and shows that liquidity transformation by asset managers is highly dependent on the traditional and shadow banking sectors.

    • 15 Feb 2016
    • Working Paper Summaries

    Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

    by Erik Stafford

    This paper studies the asset selection of private equity investors and the risk and return properties of passive portfolios with similarly selected investments in publicly traded securities. Results indicate that sophisticated institutional investors appear to significantly overpay for the portfolio management services associated with private equity investments.

    • 25 Sep 2015
    • Working Paper Summaries

    Invest in Information or Wing It? A Model of Dynamic Pricing with Seller Learning

    by Huang Guofang, Hong Luo & Jing Xia

    Dealers who need to price idiosyncratic products--like houses, artwork, and used cars--often struggle with a lack of information about the demand for their specific items. Analyzing sales data from the used-car retail market, the authors of this paper develop a model of dynamic pricing for idiosyncratic products, showing that seller learning has an impact on pricing dynamics through a rich set of mechanisms. Overall, findings suggest a potentially high return to taking a more serious information-based approach to pricing idiosyncratic products.

    • 20 Jan 2009
    • Research & Ideas

    Risky Business with Structured Finance

    by Julia Hanna

    How did the process of securitization transform trillions of dollars of risky assets into securities that many considered to be a safe bet? HBS professors Joshua D. Coval and Erik Stafford, with Princeton colleague Jakub Jurek, authors of a new paper, have ideas. Key concepts include: Over the past decade, risks have been repackaged to create triple-A-rated securities. Even modest imprecision in estimating underlying risks is magnified disproportionately when securities are pooled and tranched, as shown in a modeling exercise. Ratings of structured finance products, which make no distinction between the different sources of default risk, are particularly useless for determining prices and fair rates of compensation for these risks. Going forward, it would be best to eliminate any sanction of ratings as a guide to investment policy and capital requirements. It is important to focus on measuring and judging the system's aggregate amount of leverage and to understand the exposures that financial institutions actually have. Closed for comment; 0 Comments.

    • 30 Aug 2004
    • Research & Ideas

    Real Estate: The Most Imperfect Asset

    by Sarah Jane Johnston

    Real estate is the largest asset class in the world—and also the most imperfect, says Harvard Business School professor Arthur Segel. He discusses trends toward institutionalization, environmentalism, and globalization. Closed for comment; 0 Comments.

    • Working Paper Summaries

    How do Private Equity Fees Vary Across Public Pensions?

    by Juliane Begenau and Emil Siriwardane

    As state and local defined-benefit pensions increasingly shift capital from traditional asset classes to private-market investment vehicles, this analysis shows that public pensions investing in the same private-market fund can experience very different returns.

    • 1
    ǁ
    Campus Map
    Harvard Business School Working Knowledge
    Baker Library | Bloomberg Center
    Soldiers Field
    Boston, MA 02163
    Email: Editor-in-Chief
    →Map & Directions
    →More Contact Information
    • Make a Gift
    • Site Map
    • Jobs
    • Harvard University
    • Trademarks
    • Policies
    • Accessibility
    • Digital Accessibility
    Copyright © President & Fellows of Harvard College