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This paper develops an analytical tool for quantifying liquidity risk of private assets. Using commercial real estate as a model asset and under reasonable assumptions, we find that the magnitude of liquidity risk is too large to be ignored, especially in down markets when liquidity risk is a great concern.</jats:p>",51 "DOI": "10.1111/fire.12020",52 "type": "journal-article",53 "created": {54 "date-parts": [55 [56 2015,57 10,58 1359 ]60 ],61 "date-time": "2015-10-13T03:50:51Z",62 "timestamp": 144470825100063 },64 "page": "671-696",65 "source": "Crossref",66 "is-referenced-by-count": 16,67 "title": [68 "Liquidity Risk of Private Assets: Evidence from Real Estate Markets"69 ],70 "prefix": "10.1111",71 "volume": "48",72 "author": [73 {74 "given": "Ping",75 "family": "Cheng",76 "sequence": "first",77 "affiliation": [78 {79 "name": "Florida Atlantic University"80 }81 ],82 "role": [83 {84 "vocabulary": "crossref",85 "role": "author"86 }87 ]88 },89 {90 "given": "Zhenguo",91 "family": "Lin",92 "sequence": "additional",93 "affiliation": [94 {95 "name": "California State 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