The Closed-End Fund Puzzle: A Cross-Sectional Analysis of U.S. Closed-End Fund Discounts
by David Lefty Abstract This paper examines the effect of systematic beta risk, expense ratios, and fund size on the cross-sectional variation of closed-end fund discounts. Using a methodology similar to that of Gemmill and Thomas (2002) and Flynn (2004) on a sample of 50 U.S. closed-end funds, the data indicate that expense ratios have […]
