Where the Rubber Meets the Road: Improving Portfolio Performance by Controlling Trading Costs
Authors: Robert A. Schwartz, Ph.D. Daniel G. Weaver, Ph.D.
For all the attention focused on the calculation and presentation of returns, there seems little discussion of the mechanics of investment-- namely transaction costs. The authors give more than enough reasons to take a closer look at the adverse, as well as the poisitive, effects various trading styles and market structures--traditional and new--can have on a manager's performance record.
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