Ang, Chapter 13: Illiquid Assets Practice Question set contains 8 pages covering the following learning objectives:
Evaluate the characteristics of illiquid markets.
Examine the relationship between market imperfections and illiquidity.
Assess the impact of biases on reported returns for illiquid assets.
Explain the unsmoothing of returns and its properties.
Compare illiquidity risk premiums across and within asset categories.
Evaluate portfolio choice decisions on the inclusion of illiquid assets.
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