The Performance Persistence of Closed-End Funds

Martina K Bers and Jeff Madura

The Financial Review, 2000, vol. 35, issue 3, 33-51

Abstract: The purpose of this study is to extend the research on mutual fund performance persistence to net asset value and market price performance of domestic closed-end funds. While research has assessed the performance persistence of open-end mutual funds, it has not assessed the performance persistence of closed-end funds. Yet, the unique characteristics of closed-end funds allow stronger arguments for their persistence than the arguments previously submitted for open-end mutual funds. The results show evidence for risk-adjusted performance persistence. Copyright 2000 by MIT Press.

Date: 2000
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