Browsing HBS Scholarly Articles by Author "Liao, Gordon Y"
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Asset Price Dynamics in Partially Segmented Markets
Greenwood, Robin; Hanson, Samuel; Liao, Gordon Y (Oxford University Press (OUP), 2018-09)We develop a model in which capital moves quickly within an asset class but slowly between asset classes. While most investors specialize in a single asset class, a handful of generalists can gradually reallocate capital ...