Portfolio Choice with Illiquid Assets
NBER Working Paper No. 19436
---- Acknowledgements -----
We thank Andrea Eisfeldt, Will Goetzmann, Katya Kartashova, Leonid Kogan, Francis Longstaff, Jun Liu, Chris Mayer, Liang Peng, Eduardo Schwartz, Dimitri Vayanos, Pietro Veronesi, and seminar participants at the Bank of Canada, Oxford, LBS, the Pacic Northwest Finance Conference, Texas A&M, UCI, University of Florida, UNC, USC, the USC-UCLA-UCI Finance Day, and the Q-group meetings for comments and helpful discussions. We thank Sarah Clark for providing data on illiquid assets for calibration. Ang acknowledges funding from Netspar and the Program for Financial Studies. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.