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We compare popular measures of transaction costs based on daily data with their high-frequency data-based counterparts. We find that for U.S. equities and major foreign exchange rates, (i) the measures based on daily data are highly upward biased and imprecise; (ii) the bias is a function of...
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-helped alter U.K. economists' conceptual framework and thereby fostered doctrinal changes in U.K. economic policy. This paper …
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