type="main" xml:lang="en" <title type="main">Abstract</title> <p>We examine the reputational herding hypothesis and provide evidence that institutional investors' career concerns contribute to herding behavior. Our analysis is based on the intuition that stronger (weaker) career concerns lead to a higher (lower) propensity...</p>

In this paper the role of expenses in explaining closed-end fund discounts is reexamined. A present value model is developed to illustrate the relationship between expenses and discounts. Earlier studies find that discounts are not related to management fees. In this paper, using a larger sample...