This paper analyzes the behavior of closed-end country fond discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the quot;closed-end country fund...

In this paper, we analyze the behavior of closed-end country fund discounts during a period that covers the Mexican and the East Asian crises. We find that the ratio of country fund prices to their fundamental value increases dramatically during a financial crisis, an anomaly that we denote as...

This paper analyzes the behavior of closed-end country fund discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the quot;closed-end country fund...