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Closed‐End Funds: A Survey

Closed‐End Funds: A Survey This survey reviews the evolving literature on closed‐end fund discounts. Many studies have attempted to explain the existence and the behavior of the discount to net asset value, emphasizing biases in the calculation of NAV, agency costs, tax‐timing options and market segmentation. None has been able to provide a full explanation. As a result, some researchers have found it necessary to resort to models of limited rationality. This gives rise to potential opportunities for exploiting the discount. We summarize the findings from over 70 studies of closed‐end funds, and present directions for future research. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial Markets, Institutions & Instruments Wiley

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Publisher
Wiley
Copyright
New York University Salomon Center 1999
ISSN
0963-8008
eISSN
1468-0416
DOI
10.1111/1468-0416.00027
Publisher site
See Article on Publisher Site

Abstract

This survey reviews the evolving literature on closed‐end fund discounts. Many studies have attempted to explain the existence and the behavior of the discount to net asset value, emphasizing biases in the calculation of NAV, agency costs, tax‐timing options and market segmentation. None has been able to provide a full explanation. As a result, some researchers have found it necessary to resort to models of limited rationality. This gives rise to potential opportunities for exploiting the discount. We summarize the findings from over 70 studies of closed‐end funds, and present directions for future research.

Journal

Financial Markets, Institutions & InstrumentsWiley

Published: May 1, 1999

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