There are fundamental differences between assets held by closed and open-end funds. Past research indicates that closed-end funds are less liquid than open-end funds. For example, a larger percentage of closed-end funds hold less liquid international securities. This paper surveys the existing...

Purpose – This paper aims to explore the potential use of a dividend capture strategy by individual investors. This strategy arises from the 2003 tax law changes which lowered tax rates on dividends received, while leaving the short-term tax rates on capital losses unchanged. In addition,...

Financial Management has published more than 800 papers from 1972 through 1994. This article documents the influence of FM on financial research, financial education, and financial practice. The evolution of subject coverage over time is discussed . The FM articles most cited in journals and...

This paper evaluates a nonparametric sign test for abnormal security price performance in event studies. The sign test statistic examined here does not require a symmetrical distribution of security excess returns for correct specification. Sign test performance is compared to a parametric...