In a simple model of segmented markets and exogenous liquidity shock, the closed-end country fund premium is negatively affected by the illiquidity in the host market where shares of the country fund are traded and positively affected by the illiquidity in the home market where the underlying...

In a simple model of segmented markets and exogenous liquidity shock, the closed-end country fund premium is negatively affected by the illiquidity in the host market where shares of the country fund are traded, and positively affected by the illiquidity in the home market where the underlying...

In a segmented international capital market, illiquidity in the market in which the shares of a country fund are traded affects only the share price of the fund (S), while illiquidity in the market in which the underlying assets are traded affects only the fund net asset value (NAV). In an...