Illiquidity measures appear to be related to monthly realized returns but do they impact long-run costs of capital (CoC …

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 …

savings and, if necessary, by borrowing from banks. I find that in this framework intermediation costs are not equivalent to a … accumulation decision but also the occupational choice decision. I show that intermediation costs have important effects on per …