Closed-End Funds: A Survey

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.

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Year of publication:	2012
Authors:	Cherkes, Martin
Published in:	Annual Review of Financial Economics. - Annual Reviews, ISSN 1941-1367. - Vol. 4.2012, 1, p. 431-445
Publisher:	Annual Reviews
Subject:	closed-end \| discount \| investor sentiment \| liquidity transformation

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Extent:	application/pdf
Type of publication:	Article
Classification:	g02 ; G10 - General Financial Markets. General ; G12 - Asset Pricing ; G14 - Information and Market Efficiency; Event Studies ; G20 - Financial Institutions and Services. General ; G23 - Pension Funds; Other Private Financial Institutions ; G32 - Financing Policy; Capital and Ownership Structure ; G35 - Payout Policy
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010692369