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Mispricing Explanations of Closed-End Funds: A Survey Review

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  • Stylianos X. Koufadakis

    (Department of Economics, University of Thessaly, Greece)

Abstract

The aim of this survey is to review the most prevailing developments regarding the existence of the closed-end funds’ discounts and premiums and the factors which generate them. Despite the plethora of academic research conducted in order to reach a generally accepted explanation of the closed-end fund puzzle based on both the traditional and the behavioral approaches, particular attention is still required to be payed to the pricing of closed-end funds in the academic literature to date. As the divergence between the closed-fund market prices and their fundamental values offers great challenges to a possible interpretation, this study summarizes a set of conclusions that can help researchers and practitioners study better this financial asset category. This paper is organized as follows: Section 1 summarizes the basic reference for closed-end funds; Section 2 captures the different theories on the existence of closed-end fund puzzle; Section 3 analyzes the theories of discount according to the main traditional interpretations; Section 4 reviews the explanation of discounts taking into account the investor behavior arguments; Section 5 deals with closed-end funds in the international financial environment; and Section 6 provides the conclusions.

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  • Stylianos X. Koufadakis, 2016. "Mispricing Explanations of Closed-End Funds: A Survey Review," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 66(1-2), pages 108-135, January-J.
    • Handle: RePEc:spd:journl:v:66:y:2016:i:1-2:p:108-135
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    Keywords

    Closed-end funds; discounts/premiums;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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