. Premiums or discounts predict net asset returns but weakly. Originality/value - The findings point to the idea that the closed-end … fund market is somewhat predictable and inefficient (in its weak form) since the market appears to be able to anticipate a …

. Premiums or discounts predict net asset returns but weakly. Originality/value - The findings point to the idea that the closed-end … fund market is somewhat predictable and inefficient (in its weak form) since the market appears to be able to anticipate a …

closed-end fund industry. We find that managers capitalize on good past performance and favorable investor perception about …