Transaction Costs
随着机构投资组合换手率上升，投资经理越来越关注交易成本。作者将交易视为一个过程而非事件，分析了组合经理、内部交易员和经纪人三个角色的裁量期，并建议高换手率组合投资于能估算各角色决策成本的系统。
With rising turnover in institutional portfolios, investment managers are paying increasing attention to transaction costs. The authors provide some insight into managing costs in an approach that assumes trading is a process, not an event. In the process, there are three actors: portfolio manager, in–house trader, and broker, each with its own period of discretion. Costs of transacting should be attributed to the different actors according only to their periods of discretion. High–turnover portfolios should invest in systems that would allow estimation of the costs attributable to each actor9s decisions. The authors illustrate how this might be done.