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 …

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …

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