Mutual Fund Liquidity Costs
研究发现1997-2009年间美国股票型共同基金每1美元申购或赎回平均产生0.006美元成本，比早期估计低约70%，但不同基金间差异显著，持有低流动性股票、组合集中或规模大的基金成本更高。
One dollar in purchases or redemptions generates an average cost of $0.006 for US equity mutual funds during the period 1997‐2009, approximately 70% lower than prior estimates derived from older data. However, large cross‐sectional differences exist between funds. Many funds have costs near zero, but funds that hold relatively illiquid equities, have relatively concentrated portfolios, and manage relatively large amounts of assets have average liquidity costs significantly greater than the full sample average. Furthermore, despite a large difference in underlying asset liquidity, US bond funds and US equity funds have similar average liquidity costs.