The efficient markets hypothesis has been the central proposition in finance for nearly thirty
years. It states that securities prices in financial markets must equal fundamental values …

This paper examines the proposition that fluctuations in discounts of closed‐end funds are
driven by changes in individual investor sentiment. The theory implies that discounts on …

Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the
received economic wisdom by revealing many of the paradoxes that abound even in the …

Closed-end country funds can trade at large premiums and discounts from their foreign
asset values (NAVs). Investigating this anomaly, we find that individual fund premiums move …

The pricing of closed-end funds presents several puzzles. The following are the four sets of
facts that any theory of closed-end fund pricing must address. 1) New funds appear on the …

This paper shows that the existence of managerial ability, combined with the labor contract
prevalent in the industry, implies that the closed‐end fund discount should exhibit many of …

A recent resurgence in IPOs of closed-end funds has prompted the examination of the price
performance of these securities after the offering. Significant negative cumulative index …

This survey reviews the evolving literature on closed‐end fund discounts. Many studies have
attempted to explain the existence and the behavior of the discount to net asset value …

The objective of this study is to compare the risk and return performance of exchange-traded
funds (ETFs) available for foreign markets and closed-end country funds. We utilize 29 …

Country funds are publicly traded investment companies (closed-end funds) that trade on
the open market and, unlike domestic-equity funds, hold and manage portfolios …