This paper investigates the short-run relationship between closed-end fund prices and their net asset values. In particular, we document three systematic differences between the short-run pricing behaviors for stock and bonds funds. For equity funds, we show that returns processes for both...

Closed end fund (CEF) discounts have intrigued researchers for decades. Of the many explanations offered, the behavioural framework of Lee et al. (1991), which posits noise traders subject to sentiment, is the most discussed. In this article, we contribute some novel evidence to the evaluation...

This paper investigates the short-run relationship between closed-end fund prices and their net asset values. In particular, we document three systematic differences between the short-run pricing behaviors for stock and bonds funds. For equity funds, we show that returns processes for both...

Deviations between closed-end investment fund share prices and underlying net asset values represent a historically important anomaly requiring theoretical explanation. In this article, we provide evidence that the processes generating prices and NAVs differ among fund types, implying that...

Estimation of the employment effects of changes in capital investment is a standard tool in public policy debates. Typically, such predictions are based on employment multipliers derived from Input-Output analysis. In this paper, we measure the employment effects of changes in capital investment...

This paper provides an econometric analysis of the relationship between live and deceased (cadaveric) kidney donations for the United States for the period 1992:IV through 2006:II. We find strong evidence for deceased donor kidneys "crowding out" living donations, potentially undermining...