Venture capital trusts (VCTs) were introduced to provide private equity capital for small expanding companies and to promote innovation. Investors in IPOs are rewarded with tax relief on the cost of lock-up provisions to stabilise the market. This paper examines the market reaction and trading...

The managers' pay-performance sensitivity (PPS) of closed-end funds is explicitly specified in the management contract as the marginal rate of funds' net asset value. By using the sample of US closed-end funds from 2006 to 2009, this paper investigates the relationship between the PPS and...