Cullinan, Charles P.; Zheng, Xiaochuan; Precourt, Elena - In: The spread of financial sophistication through emerging …, (pp. 185-205). 2016
We assess whether smaller investors are more likely to hold shares of closed-end funds that invest more heavily in illiquid securities. We also examine the relationship between the liquidity of the securities held in the portfolios of closed-end mutual funds (portfolio liquidity) and the...