这道题考哪个知识点

问题如下：

A hedge fund invests primarily in distressed debt. Quoted market prices are available for the underlying holdings but they trade infrequently. Which of the following will the hedge fund most likely use in calculating net asset value for trading purposes?

选项：

A.Average quotes B.Average quotes adjusted for liquidity C.Bid prices for short positions and ask prices for long positions

解释：

Many practitioners believe that liquidity discounts are necessary to reflect fair value. This has resulted in some funds having two NAVs—for trading and reporting. The fund may use average quotes for reporting purposes but apply liquidity discounts for trading purposes.