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The Journal of Alternative Investments

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Primary Article

The Closed–End Fund Puzzle

A Review

Urbi Garay and Philip Russel
The Journal of Alternative Investments Winter 1999, 2 (3) 23-44; DOI: https://doi.org/10.3905/jai.1999.318907
Urbi Garay
A Ph.D. candidate in finance at the University of Massachusetts, Amherst.
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Philip Russel
An assistant professor in the Faculty of Business at the University of New Brunswick in Saint John, Canada.
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Abstract

Academic research has focused specifically on the enigmatic behavior of their discounts, known in the literature as the closed-end discount puzzle. The extant evidence suggests that closed-end funds are issued at a premia with respect to their net asset value, that discounts fluctuate widely over time and also across funds, and that closed-end fund prices converge to their net asset values when they are either liquidated or open-ended. Some of the theories that have been advanced attempting to explain the puzzle are efficient market based explanations and the Investor Sentiment Hypothesis. None of the theories, either individually or collectively, provide a sufficient explanation for the pricing of closed-end funds and, therefore, the enigma continues.

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The Journal of Alternative Investments
Vol. 2, Issue 3
Winter 1999
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The Closed–End Fund Puzzle
Urbi Garay, Philip Russel
The Journal of Alternative Investments Dec 1999, 2 (3) 23-44; DOI: 10.3905/jai.1999.318907

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The Closed–End Fund Puzzle
Urbi Garay, Philip Russel
The Journal of Alternative Investments Dec 1999, 2 (3) 23-44; DOI: 10.3905/jai.1999.318907
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