Kousenidis, Dimitrios V; Negakis, Christos - In: Multinational Finance Journal 17 (2013) 1-2, pp. 107-148
In the present paper we study the performance of young closed-end funds (CEFs) in Greece. Using monthly CEF data from 1997 to 2007, we provide evidence showing that young funds underperform both old funds and the market. As in Kaplan and Schoar (2005), we note that new underperforming funds...