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Fund Advisor Compensation in Closed‐End Funds
The Journal of Finance, 2000This paper examines the relation between the premium on closed‐end funds and organizational features of the funds and advisors, including the compensation scheme of the investment advisor. We find that the fund premium is larger when: (a) the advisor's compensation is more sensitive to fund performance; (b) the assets managed by the advisor are ...
Jeffrey L. Coles +2 more
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The Journal of Alternative Investments, 1999
Academic research has focused specifically on the enigmatic behavior of their discounts, known in the literature as the closed-end discount puzzle. The extant evidence suggests that closed-end funds are issued at a premia with respect to their net asset value, that discounts fluctuate widely over time and also across funds, and that closed-end fund ...
Urbi Garay, Philip Russel
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Academic research has focused specifically on the enigmatic behavior of their discounts, known in the literature as the closed-end discount puzzle. The extant evidence suggests that closed-end funds are issued at a premia with respect to their net asset value, that discounts fluctuate widely over time and also across funds, and that closed-end fund ...
Urbi Garay, Philip Russel
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The Journal of Alternative Investments, 1999
The discounts on closed–end mutual funds may be partially attributed to Bayesian learning in a noisy rational expectations equilibrium. When the individual error is removed from private signals of informed agents, and random supply noise is absent, price is equated to its net asset (intrinsic) value; however, in the presence of imperfect information ...
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The discounts on closed–end mutual funds may be partially attributed to Bayesian learning in a noisy rational expectations equilibrium. When the individual error is removed from private signals of informed agents, and random supply noise is absent, price is equated to its net asset (intrinsic) value; however, in the presence of imperfect information ...
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2013
This chapter begins this part of the book on other pooled assets in the lexicon of professionally managed assets (PMAs) with a “backwater” (less well-known) asset: closed-end funds (CEFs). The next chapter then takes up another backwater asset: the unit investment trust (UIT). Chapter 8 closes Part 3 with a type of PMA that is burgeoning in popularity:
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This chapter begins this part of the book on other pooled assets in the lexicon of professionally managed assets (PMAs) with a “backwater” (less well-known) asset: closed-end funds (CEFs). The next chapter then takes up another backwater asset: the unit investment trust (UIT). Chapter 8 closes Part 3 with a type of PMA that is burgeoning in popularity:
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Leveraged Closed-End Equity Funds
The Journal of Investing, 2000Since 1996, a handful of closed-end equity funds have issued non-convertible preferred stock to raise additional capital. Because of favorable long-term interest rates and a 1989 tax ruling stipulating that distributions of investment company income and capital gains must be allocated proportionately to preferred and common shareholders, this form of ...
Albert J. Fredman, Eugene L.. Destabler
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Annual Review of Financial Economics, 2012
New theories have emerged over the past 10 years that reveal CEFs to be an important and efficient organizational device. This review surveys the old and current literature on closed-end funds (CEFs) in general and theories of discounts in particular.
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New theories have emerged over the past 10 years that reveal CEFs to be an important and efficient organizational device. This review surveys the old and current literature on closed-end funds (CEFs) in general and theories of discounts in particular.
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2011
Closed-end funds investing in real estate play an important role in the asset allocation of wealthy private investors in Germany. The investors take shares in a private company investing with a relatively small amount of money in large individual properties.
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Closed-end funds investing in real estate play an important role in the asset allocation of wealthy private investors in Germany. The investors take shares in a private company investing with a relatively small amount of money in large individual properties.
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International diversification through closed-end country funds
Journal of Banking & Finance, 1995Abstract The primary objectives of this paper are to assess the potential of closed-end country funds (CECFs) as vehicles for achieving international diversification at ‘home’ and to examine the effect of the closed-end status of these funds on their investment characteristics. The main findings are: First, CECFs exhibit significant exposure to the U.
Chang, EC, Eun, C, Kolodny, R
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Fund Manager Succession in Closed‐End Mutual Funds
Financial Review, 2000AbstractManaging the succession process by the hiring and firing of key executives is one of the important functions of a board of directors. In this research we study successions of fund managers in the closed‐end mutual fund industry. The agency issues inherent in closed‐end mutual funds makes them a unique laboratory for such a study.
Wei Wang Rowe, Wallace N. Davidson
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‘Open-ending’ closed-end funds
Journal of Financial Economics, 1984Abstract Open-ending a closed-end fund forces the price of the fund's shares to their net asset value. Open-ending behavior is shown to correspond in predictable ways to the incentive to open-end and to potential resistance to open-ending. Moreover, closed-end fund share prices begin to generate statistically significant positive abnormal returns ...
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