Closed-End Fund Discounts and Premiums

Pacific-Basin Capital Markets Research, Vol. 2, 1991

20 Pages Posted: 23 May 2006

See all articles by Michael S. Rozeff

Michael S. Rozeff

SUNY at Buffalo - Department of Financial & Managerial Economics

Abstract

This paper reviews and analyzes five areas relating to closed-end funds. (1) Issues relating to the existence of closed-funds and why rational investors subscribe to new issues of them. A detailed set of model assumptions is examined in order to understand the basis for closed-end funds coming into existence. (2) The time-series properties of discounts. (3) The cross-sectional variation in closed-end fund discounts. (4) Issues of weak and semi-strong form efficiency. (5) Issues relating to the open-ending of closed-end funds.

Keywords: closed-end funds, discounts, market efficiency, open-ending

JEL Classification: G10, G12, G14, G23

Suggested Citation

Rozeff, Michael S., Closed-End Fund Discounts and Premiums. Pacific-Basin Capital Markets Research, Vol. 2, 1991. Available at SSRN: https://ssrn.com/abstract=903523

Michael S. Rozeff (Contact Author)

SUNY at Buffalo - Department of Financial & Managerial Economics ( email )

Buffalo, NY 14260
United States

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