Choi, Jongmoo Jay; Lee, Insup - In: Review of Quantitative Finance and Accounting 7 (1996) 1, pp. 45-63
This article examines the role of market segmentation on the valuation of the U.S. stock exchange-listed closed-end country funds and analyzes the determinants of net fund premia in a multivariate context. It is shown that fund returns are generally sensitive to both national and U.S. market...