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Abstract
Return smoothing in private assets is attractive for many investors. This feature is not costless, however. A smoothness preference might offset any fair illiquidity premium in private assets.
TOPICS: Private equity, fundamental equity analysis, statistical methods, equity portfolio management
Key Findings
• Return smoothing in private assets is attractive for many investors.
• This feature is not costless, however.
• A smoothness preference might offset any fair illiquidity premium in private assets.
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