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 …

costs (hedging costs) for firm values and exposure. Based on time series data of German DAX companies, DM/ dollar rates and … finding can be explained by higher exchange rate adjustment costs in case of substantial deviations from the long-run median … level. Furthermore, there is indication of asymmetric adjustment costs as effects from appreciations of domestic currency …