Question: Over time, a portfolio manager's cumulated trade implementation shortfall will equal: a. Cumulated direct transaction costs and liquidity costs b. Cumulated market price variations associated

Over time, a portfolio manager's cumulated trade implementation shortfall will equal: a. Cumulated direct transaction costs and liquidity costs b. Cumulated market price variations associated with the time delays between investment decisions and trade executions c. Cumulated management costs (salaries, overheads, etc.) d. (a) + (b) e. (a) + (b) + (c)

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