Ang, Chapter 13: Illiquid Assets Study Notes reviews the following learning objectives:
Evaluate the characteristics of illiquid markets.
Discuss the relationship between market imperfections and illiquidity.
Assess the impact of biases on reported returns for illiquid assets.
Explain the process of unsmoothing returns and the effects of unsmoothing.
Compare illiquidity risk premiums across and within asset categories.
Evaluate the impact of allocating illiquid assets to a portfolio, including the impact on rebalancing and trading and on optimizing the proportion of illiquid assets.
After reviewing the notes, you will be able to apply what you learned with practice questions.
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