Closed-End Funds: A Survey

被引：28
|
作者：
Cherkes, Martin [1 ]
机构：
[1] Columbia Univ, Grad Sch Business, New York, NY 10027 USA
来源：
ANNUAL REVIEW OF FINANCIAL ECONOMICS, VOL 4 | 2012年 / 4卷
关键词：
closed-end; discount; investor sentiment; liquidity transformation; COSTLY ARBITRAGE; ASSET PRICES; INVESTMENT COMPANIES; CORPORATE GOVERNANCE; DISCOUNTS; MARKET; LIQUIDITY; SENTIMENT; COMPENSATION; PERFORMANCE;
D O I：
10.1146/annurev-financial-110311-101714
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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. Among the topics reviewed are liquidity transformation, the effects of tax overhang, the importance of managerial fees, the provision of leverage services, the impact of the potential irrationality of small investors on discounts, and rationality of CEFs' initial public offering (IPO) process.
引用
收藏
页码：431 / 445
页数：15
相关论文
共 50 条
12345