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Closed-End Funds: A Survey

Author

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  • Martin Cherkes

    () (Graduate School of Business, Columbia University, New York, NY 10027)

Abstract

New theories have emerged over the past 10 years that reveal CEFs to be an important and efficient organizational device. This review surveys the old and current literature on closed-end funds (CEFs) in general and theories of discounts in particular. Among the topics reviewed are liquidity transformation, the effects of tax overhang, the importance of managerial fees, the provision of leverage services, the impact of the potential irrationality of small investors on discounts, and rationality of CEFs' initial public offering (IPO) process.

Suggested Citation

  • Martin Cherkes, 2012. "Closed-End Funds: A Survey," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 431-445, October.
  • Handle: RePEc:anr:refeco:v:4:y:2012:p:431-445
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-financial-110311-101714
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    Citations

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    Cited by:

    1. repec:eee:finmar:v:33:y:2017:i:c:p:124-142 is not listed on IDEAS
    2. repec:eee:jfinec:v:124:y:2017:i:2:p:373-394 is not listed on IDEAS
    3. Chambers, David & Esteves, Rui, 2014. "The first global emerging markets investor: Foreign & Colonial Investment Trust 1880–1913," Explorations in Economic History, Elsevier, vol. 52(C), pages 1-21.
    4. Fletcher, Jonathan & Basu, Devraj, 2016. "An examination of the benefits of dynamic trading strategies in U.K. closed-end funds," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 109-118.
    5. Davies, Richard & Fletcher, Mary & Marshall, Andrew, 2013. "Investigating the role of illiquidity in explaining the UK closed-end country fund discount," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 121-130.
    6. Wu, Youchang & Wermers, Russ & Zechner, Josef, 2016. "Managerial rents vs. shareholder value in delegated portfolio management: The case of closed-end funds," CFS Working Paper Series 548, Center for Financial Studies (CFS).

    More about this item

    Keywords

    closed-end; discount; investor sentiment; liquidity transformation;

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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