kaal:claim:1428387-002

Broker quotes are an unreliable fallback for valuation: they can be hard to obtain and can vary by 20 to 30 percent for instruments such as mortgage-backed securities, which makes accurate valuation of those securities difficult.

In addition, broker quotes may be difficult to obtain and can be quite unreliable—mortgage-backed securities, for example, can sometimes vary by 20 to 30 percent—making accurate valuation of these securities difficult.

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009), I. Introduction, p. 2
https://ssrn.com/abstract=1428387 · source PDF

Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

• where recent transaction prices and marketable bids and offers are not readily available

failuresupport: assertedfailure: unreliable-broker-quotesfamily: valuation-and-pricing-failuresecurities-laweconomics

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