Closed-End Funds: A Survey

Martin Cherkes ()
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Martin Cherkes: Graduate School of Business, Columbia University, New York, NY 10027

Annual Review of Financial Economics, 2012, vol. 4, issue 1, 431-445

Abstract: 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.

Keywords: closed-end; discount; investor sentiment; liquidity transformation (search for similar items in EconPapers)
JEL-codes: G02 G10 G12 G14 G20 G23 G32 G35 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (14)

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