Jang, Bong‐Gyu; Keun Koo, Hyeng; Jin Choi, U - In: Review of Accounting and Finance 3 (2004) 4, pp. 99-111
We suggest the method of evaluation of illiquid assets on the market in the presence of proportional transaction costs by using two consumption/investment models. We study an investor's implicit evaluation of an illiquid asset whose trading incurs a proportional transaction cost. We show that...