Closed-End Funds: A Survey

83 Pages Posted: 26 Oct 1998

See all articles by Elroy Dimson

Elroy Dimson

University of Cambridge - Judge Business School; London Business School; European Corporate Governance Institute (ECGI)

Carolina Minio-Kozerski

J.P. Morgan Chase & Co.

Date Written: September 1998


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 opportuniteis for exploiting the discount. We summarize the findings from some 70 studies of closed-end funds, and present directions for future research.

JEL Classification: G12, G14

Suggested Citation

Dimson, Elroy and Minio Kozerski, Carolina, Closed-End Funds: A Survey (September 1998). Available at SSRN: or

Elroy Dimson (Contact Author)

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom
+44 700 607 7390 (Fax)

London Business School ( email )

Sussex Place
Regent's Park
London, NW1 4SA
United Kingdom
44 20 7000 7000 (Phone)
44 700 607 7390 (Fax)

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels

Carolina Minio Kozerski

J.P. Morgan Chase & Co. ( email )

60 Wall St.
New York, NY 10260
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
PlumX Metrics