ENGLISH

Closed-End Investment Companies: Issues and Answers

By Seth C. Anderson , Jeffery A. Born (auth.)

Book information

Publisher
Springer Netherlands
Year
1992
ISBN
978-94-010-5315-0, 978-94-011-2962-6
DOI
10.1007/978-94-011-2962-6
Language
english
Format
PDF
Filesize
3 MB (2676265 bytes)
Series
Innovations in Financial Markets and Institutions 7
Edition
1
Pages
139\145
Orientation
yes
Scanned
yes
Time added
2013-08-01 04:00:00
Finance/Investment/Banking

Description

Closed-End Investment Companies (CEICs) were the dominant form of investment companies in the United States during the early part of this century, but interest in them declined after the 1929 stock market crash. Since 1985, however, there has been a significant revival of interest in CEICs. A substantial amount of academic research has focused on the nature of closed-end funds, discounts and premiums, and on the share price behavior of these firms, which often results in the prices differing from the net asset value of the shares. This book is designed for the academic researcher interested in CEICs and the practitioner interested in using CEICs as an investment vehicle. The authors summarize the evolution of CEICs, present the factors that cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the academic literature on this topic, and summarize the current state of research on CEICs.

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