Link: http://www.bloomberg.com/news/articles/2015-12-15/creditors-bawl-how-investors-ignored-risk-of-junk-bond-rout

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In a story on liquidity questions at bond funds after investor lock-up at
Third Avenue:

“The question is whether funds like this are as liquid as investors had
thought,” said Erik Gordon, a University of Michigan law professor. “The
reality is even big, sophisticated investors underestimate the risk of
uncommon events, even though liquidity has been a problem in front of their
eyes all along.”

Bloomberg BusinessWeek:

http://www.bloomberg.com/news/articles/2015-12-15/creditors-bawl-how-investors-ignored-risk-of-junk-bond-rout

Washington Post:

http://washpost.bloomberg.com/Story?docId=1376-NZDCAZ6JIJUW01-2JB06UUKOSDTDA22I8FNTSE0D4
_____________________
Erik Gordon
Ross School of Business
University of Michigan
Ann Arbor, Michigan