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. …

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.  …