Brickley, James A.; Schallheim, James S. - In: Journal of Financial and Quantitative Analysis 20 (1985) 01, pp. 107-117
This study documents substantial gains accuring to shareholders of discounted closed-end investment companies when these funds are reorganized to allow shareholders to obtain the market value of the fund's assets. The findings indicate that the discounts on closedend funds are real, i.e., they...