# Joint research on asset iIliquidity from Professor Yakov Amihud is referenced

1 Faculty News November 7, 2019 ![The Economist logo](/sites/default/files/styles/246w/public/assets/images/uat_025662.jpg?itok=1_MW1PTy)>

Excerpt from [The Economist](https://www.economist.com/finance-and-economics/2019/11/07/what-is-the-illiquidity-premium) -- "Illiquidity matters less if investors have longer horizons. A pioneering paper by [Yakov Amihud](https://www.stern.nyu.edu/faculty/bio/yakov-amihud) and Haim Mendelson, published in 1986, posits that investors with the shortest horizons hold securities with the lowest trading costs; and bonds that are relatively illiquid are held by long-term investors, who can spread the higher trading costs over a longer holding period."

[Read More](https://www.economist.com/finance-and-economics/2019/11/07/what-is-the-illiquidity-premium)