Study Notes: Ang, Chapter 13: Illiquid Assets

Ang, Chapter 13: Illiquid Assets Study Notes covers 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.

* Describe 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.

After reviewing the notes, you will be able to apply what you learned with practice questions.

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