RT Journal Article SR Electronic T1 Hidden Cost of Trading and Portfolio Performance: A Short Note on Implementation Shortfall JF The Journal of Investing FD Institutional Investor Journals SP joi.2018.1.072 DO 10.3905/joi.2018.1.072 A1 Rafiqul Bhuyan A1 Mohammad Sogir Hossain Khandoker YR 2018 UL https://pm-research.com/content/early/2018/11/14/joi.2018.1.072.abstract AB Chasing performance is a constant battle among fund managers and other investors. Stock picking ability is not the only means to perform that chase well. Trading wisely by managing transaction costs, which comprise all visible, invisible, and implied or hidden costs, is also a significant factor. In his seminal paper, Perold (1988) is the first to point out that fixed charges are not the only costs of trading. Instead, they are rather a small portion of the total transaction costs that include other costs known as ‘implementation shortfall.’ In this short article, the authors extend on the existing literature by highlighting various aspects of the execution and opportunity costs that can give traders a much clear understanding of implementation shortfall and help them to use this guidance in trading wisely.