In this paper we examine whether the UK closed-end country fund discounts are related to the illiquidity of the UK fund … or the illiquidity of the country the fund invests in. We also consider whether emerging market country funds behave … differently in terms of their discount and illiquidity to developed market country funds, and in particular whether they offer …

also recover robust positive illiquidity- return relations. We provide a unifying framework explaining numerous puzzles …

This paper proposes a theory of the equilibrium liquidity premia of private equity funds and explores its asset …-pricing implications. The theory is based on the notion that investors are exposed to the risk of facing surprise liquidity shocks, which … funds and investors just break even, equilibrium liquidity premia are defined as the risk-adjusted excess returns that fund …