Bleaney, Michael; Smith, R. Todd - In: Review of Accounting and Finance 12 (2013) April, pp. 165-179
primary determinant of closed-end fund discounts is discount volatility and co-movement across funds. Originality … discounts across closed-end funds, which in our model are a sufficient condition for funds to trade at a discount, under … plausible assumptions. This model thus provides a stronger argument that discount risk explains why discounts exist. …