Advanced Search
MyIDEAS: Login to save this article or follow this journal

Lifting the Lid on Closed-End Investment Companies: A Case of Abnormal Returns


Author Info

  • Brickley, James A.
  • Schallheim, James S.
Registered author(s):


    No abstract is available for this item.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    File Function: link to article abstract page
    Download Restriction: no

    Bibliographic Info

    Article provided by Cambridge University Press in its journal Journal of Financial and Quantitative Analysis.

    Volume (Year): 20 (1985)
    Issue (Month): 01 (March)
    Pages: 107-117

    as in new window
    Handle: RePEc:cup:jfinqa:v:20:y:1985:i:01:p:107-117_01

    Contact details of provider:
    Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK
    Fax: +44 (0)1223 325150
    Web page:

    Related research



    No references listed on IDEAS
    You can help add them by filling out this form.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Grullon, Gustavo & Albert Wang, F., 2001. "Closed-End Fund Discounts with Informed Ownership Differential," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 10(2), pages 171-205, April.
    2. Kim, Doseong & Kim, Yura & Song, Kyojik Roy, 2013. "Payout policies on U.S. closed-end funds," International Review of Economics & Finance, Elsevier, Elsevier, vol. 27(C), pages 345-356.
    3. J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, . "Noise Trader Risk in Financial Markets," J. Bradford De Long's Working Papers _124, University of California at Berkeley, Economics Department.
    4. Flynn, Sean M., 2005. "Sentiment and the Interpretation of News about Fundamentals," Vassar College Department of Economics Working Paper Series 72, Vassar College Department of Economics.
    5. Matthew Spiegel, 1998. "Closed-End Fund Discounts in a Rational Agent Economy," Yale School of Management Working Papers, Yale School of Management ysm80, Yale School of Management, revised 01 Aug 2000.
    6. Severn, Alan K., 1998. "Closed-end funds and sentiment risk," Review of Financial Economics, Elsevier, Elsevier, vol. 7(1), pages 103-119.
    7. Del Guercio, Diane & Dann, Larry Y. & Partch, M. Megan, 2003. "Governance and boards of directors in closed-end investment companies," Journal of Financial Economics, Elsevier, Elsevier, vol. 69(1), pages 111-152, July.
    8. Flynn, Sean Masaki, 2012. "Noise-trading, costly arbitrage, and asset prices: Evidence from US closed-end funds," Journal of Financial Markets, Elsevier, Elsevier, vol. 15(1), pages 108-125.
    9. Ian Fraser & Heather Tarbert & Kai Hong Tee, 2005. "An empirical study of the impact of financial reporting disclosures on UK investment trusts," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(11), pages 803-807.
    10. Pontiff, Jeffrey, 1995. "Closed-end fund premia and returns Implications for financial market equilibrium," Journal of Financial Economics, Elsevier, Elsevier, vol. 37(3), pages 341-370, March.
    11. Johnson, Shane A. & Lin, Ji-Chai & Roy Song, Kyojik, 2006. "Dividend policy, signaling, and discounts on closed-end funds," Journal of Financial Economics, Elsevier, Elsevier, vol. 81(3), pages 539-562, September.
    12. Matthew Spiegel, 1997. "Closed-End Fund Discounts in a Rational Agent Economy," Finance, EconWPA 9712002, EconWPA.
    13. Bradley, Michael & Brav, Alon & Goldstein, Itay & Jiang, Wei, 2010. "Activist arbitrage: A study of open-ending attempts of closed-end funds," Journal of Financial Economics, Elsevier, Elsevier, vol. 95(1), pages 1-19, January.
    14. Philipp Kellerhals, B. & Schobel, Rainer, 2002. "The dynamic behavior of closed-end funds and its implication for pricing, forecasting, and trading," Journal of Banking & Finance, Elsevier, vol. 26(8), pages 1615-1643, August.
    15. Chen, Li-Wen & Johnson, Shane A. & Lin, Ji-Chai & Liu, Yu-Jane, 2009. "Information, sophistication, and foreign versus domestic investors' performance," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1636-1651, September.
    16. Datar, Vinay, 2001. "Impact of liquidity on premia/discounts in closed-end funds," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 41(1), pages 119-135.
    17. Lahr, Henry & Kaserer, Christoph, 2009. "Net asset value discounts in listed private equity funds," CEFS Working Paper Series 2009-12, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
    18. Yongchun Ju & Linying Zhao, 2014. "Directors’ Ownership and Closed-End Fund Discounts," Journal of Financial Services Research, Springer, Springer, vol. 45(2), pages 241-269, April.
    19. Kim, Jang-Chul & Song, Kyojik "Roy", 2010. "Investment barriers and premiums on closed-end country funds," International Review of Economics & Finance, Elsevier, Elsevier, vol. 19(4), pages 615-626, October.
    20. Reichert, Carolyn & Timmons, J. Douglas, 1998. "Closed-End Investment Companies: Historic Returns and Investment Strategies," Financial Services Review, Elsevier, Elsevier, vol. 7(2), pages 83-93.
    21. Emmanouil Mavrakis, 2011. "Abnormal Returns on CEFs and in Pre-and-Post-Credit-Crunch Periods," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 55-70.


    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:cup:jfinqa:v:20:y:1985:i:01:p:107-117_01. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.