Branch, Ben; Ma, Aixin; Sawyer, Jill - In: Financial Management 39 (2010) 3, pp. 1177-1196
"Herein, we find that the market price of closed-end fund shares tends to increase (decrease) in anticipation of a rise (fall) in the net asset value (NAV). Similarly, an increase (decrease) in the reported NAV tends to be followed by a rise (fall) in the price of the fund's shares....
