Implementaion Shortfall VS Vwap 2008, question, indicate, afternoon

DarienHacker

looking at question 9 2008 am section,

1. Since implementation shortfall trades in the morning, is it inappropriate for the trades with high volumes at the end of the day, because high volumes tend to indicate better pricing?

Why do high afternoon volumes preclude Implementation shortfall?

2. Is implementation shortfall better when trades are smooth throughout day?

3. Why is VWAP better when there is higher volume at end of the day?


Thanks in advance guys...