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An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

Victor Dragotă (), Mihai Caruntu and Andreea Stoian ()
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Mihai Caruntu: Romanian Commercial Bank

Theoretical and Applied Economics, 2008, vol. 10(527), issue 10(527), 53-60

Abstract: This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual) moments.

Keywords: closed-end funds; market efficiency; emergent capital markets; Romania. (search for similar items in EconPapers)
Date: 2008
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Handle: RePEc:agr:journl:v:10(527):y:2008:i:10(527):p:53-60