@article {Berkowitz65, author = {Stephen A. Berkowitz and Dennis E. Logue}, title = {Transaction Costs}, volume = {27}, number = {2}, pages = {65--74}, year = {2001}, doi = {10.3905/jpm.2001.319793}, publisher = {Institutional Investor Journals Umbrella}, abstract = {With rising turnover in institutional portfolios, investment managers are paying increasing attention to transaction costs. The authors provide some insight into managing costs in an approach that assumes trading is a process, not an event. In the process, there are three actors: portfolio manager, in{\textendash}house trader, and broker, each with its own period of discretion. Costs of transacting should be attributed to the different actors according only to their periods of discretion. High{\textendash}turnover portfolios should invest in systems that would allow estimation of the costs attributable to each actor{\textquoteright}s decisions. The authors illustrate how this might be done.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/27/2/65}, eprint = {https://jpm.pm-research.com/content/27/2/65.full.pdf}, journal = {The Journal of Portfolio Management} }