Closed-end funds have been a topic of lively debate for several decades. In this paper I focus on studies relating to liquidity, sentiment and segmentation and, in particular, on studies that investigate closedend country funds. I extend the previous survey by Dimson & Minio- Kozerski (1999) by...

We provide a model of closed-end fund pricing which includes investors who do not form expectations correctly and allows for salient country-specific news to affect this expectation formation process. We use panel data on prices and net asset values of closed- end country funds to examine...

The trading of securities on multiple markets raises the question of each market's share in the discovery of the informationally efficient price. We exploit salient distributional features of multivariate financial price processes to uniquely determine these contributions. Thereby we resolve the...