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- Publisher
- Wiley
- Copyright
- 1988 The American Finance Association
- ISSN
- 0022-1082
- eISSN
- 1540-6261
- DOI
- 10.1111/j.1540-6261.1988.tb02592.x
- Publisher site
- See Article on Publisher Site
Abstract
ABSTRACT Closed‐end funds' discounts contain information in the sense that they can be used to construct portfolios that earn returns exceeding those predicted by the two‐factor capital asset pricing model. The precise nature of the information contained in a discount is not clear, however. This paper provides evidence that the information contained in a discount is an incomplete prediction of the fund's likelihood of being open‐ended profitably.
Journal
The Journal of Finance – Wiley
Published: Mar 1, 1988