transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value … sellers by a market-adjusted five percentage points annually. Both the cross-sectional pattern of transaction costs and the …

The research aimed to check whether investment fund managers maintain costs similarly from period to period. The … research verified the hypothesis that managers maintain costs in the subsequent periods at a similar level. The study used a … performance with costs, assuming that managers also control these values. Costs were defined as: (1) total costs, (2) total costs …