Jain, Ravi (contributor); Xia, Yihong (contributor); … - 2004
concept with several important dimensions including the cost of a transaction,
the ability to trade promptly, the ease with … a risky asset's price may increase in illiquidity measured as transaction costs
or immediacy to trade.
Empirical … intervals (usually weekly or daily) and
it is observed that their share prices typically trade at a discount to their NAV.
4 …