Journal article
A POSSIBLE RECONCILIATION OF SOME OF THE CONFLICTING FINDINGS ON CLOSED‐END FUND DISCOUNTS: A NOTE
Abstract
The most obvious explanation for the closed‐end fund puzzle, the existence of managerial contribution (i.e., managerial performance less managerial fees), has been called into disrepute because of the inability of researchers to consistently document a negative relationship between such benefits and discounts. We present a model which shows that it is possible to account for some of the stylized facts without abandoning market efficiency and …
Authors
Deaves R; Krinsky I
Journal
Journal of Business Finance & Accounting, Vol. 21, No. 7, pp. 1047–1057
Publisher
Wiley
Publication Date
October 1994
DOI
10.1111/j.1468-5957.1994.tb00363.x
ISSN
0306-686X