Affiliation:
1. 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.
Subject
Economics and Econometrics,Finance
Cited by
43 articles.
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