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LOS h: Contrast volume weighted average price (VWAP) and implementation shortfall as measures of transaction costs.
Q1. Which of the following is FALSE regarding implementation shortfall? Implementation shortfall:
A) requires considerable data and analysis.
B) decomposes and identifies costs.
C) is subject to gaming.
Q2. Which of the following is FALSE regarding VWAP? VWAP:
A) does not evaluate delayed or unfilled orders.
B) is applicable to small and large trades.
C) does not account for market movements or trade volume.
Q3. Which of the following measures is least susceptible to gaming by traders?
A) VWAP.
B) Effective spread.
C) Implementation Shortfall. | 
发表于 2009-4-10 11:38
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