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  A portfolio manager currently holds 20,000 shares of Costiuk Inc. in a particular portfolio. The daily volume of Costiuk shares traded on the stock exchange is 50,000. Additionally, on any given day, the portfolio manager wishes to trade no more than 15% of the daily trading volume of Costiuk. Which of the following amounts is closest to the liquidity duration of Costiuk in this portfolio?
  A. 0.06
  B. 0.375
  C. 2.67
  D. 16.67
  Answer:C
  Liquidity duration is an approximation of the number of days necessary to dispose of a portfolio's holdings (of a particular share in this case) without a significant market impact. It is calculated as: 20,000/(0.15 50,000) = 2.67