Other Efforts to Explain Closed-End Fund Discounts
The two prior chapters dealt with papers addressing issues involving investor sentiment and international funds, two areas that evolved primarily in the 1990s. In this chapter we focus on papers that address ratioual explanations for CEIC discounts. Some works re-address thernes of pre-1990 papers; while others delve into new areas. In these papers, the most popular areas of inquiry are: (A) managerial fees and expenses, (B) taxtiming options, (C) performance management issues, and (D) the ownership position of the fund’s managers. Papers in the latter two sub-categories break new ground in thought-provoking ways and appear to represent areas that may spawn future research.
KeywordsInvestor Sentiment Expense Ratio Announcement Effect Bond Fund Restricted Stock
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