Closed-end funds: Discounts, premia and performance.

Closed-end funds have been an anomaly in finance because the market prices of their shares differ from their aggregate net asset values per share. They often purchase shares of restricted securities at prices which are discounted from the prices of unrestricted securities. However, restricted securities are valued as if they were unrestricted securities in the determination of fund net asset values. In addition, closed-end funds hold securities which are illiquid and difficult to price. Closed-end funds' discounts and premia can be explained by the mispricing of restricted and illiquid securities. Finally, results of time series regressions over a 21 year period show that closed-end fund discounts and premia cannot be explained by the general level of stock prices. This conclusion contradicts the prior research on this topic.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

doctoral

Discipline thesis:degree_discipline

Business Administration

Grantor dc:publisher

The University of Arizona.

Year dc:date.issued

1989

Author dc:creator

• Seltzer, David Fred.

Advisor dc:contributor.advisor

• Dyl, Edward A.

Committee members dc:contributor.committeemember

• Carleton, Willard T.
• Datta, Prabir

• Mutual funds
• Investments

Statement dc:rights

• Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.

Language dc:language.iso

en

Handle dc:identifier.uri

http://hdl.handle.net/10150/184926

OAI identifier oai:identifier

oai:repository.arizona.edu:10150/184926