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Closed End Fund Puzzle

Most important paper:
LEE, C., et al., 1990. Investor sentiment and the closed-end fund puzzle. [Cited by 224]

• ABRAHAM, A., D. ELAN and A.J. MARCUS, 1993. Does Sentiment Explain Closed-end Fund Discounts? Evidence from Bond Funds. The Financial Review. [Cited by 11] (0.77/year)
• ACKERT, L.F. and Y.S. TIAN, 2000. Arbitrage and Valuation in the Market for Standard and Poor's Depositary Receipts. Financial Management. [Cited by 12] (1.66/year)
• ADAMS, A.T., U.N.I.V.E.R.S.I.T.Y. OF and C.E.N.T.R.E. FOR, 2000. Excess Volatility and Investment Trusts. managementschool.ed.ac.uk. [Cited by 8] (1.10/year)
• ANDERSON, S.C. and J.A. BORN, 2001. Closed-End Fund Pricing: Theories and Evidence. books.google.com. [Cited by 4] (0.64/year)
• ANDERSON, S.C., B.J. COLEMAN and J.A. BORN, 2001. A closer look at trading strategies for US equity closed-end investment companies. Financial Services Review. [Cited by 3] (0.48/year)
• ARAK, M., 1996. Optimal trading with mean-reverting prices: switching between foreign stocks and closed-end country …. Applied Economics. [Cited by 5] (0.44/year)
• ARORA, N., N. JU and H. OU-YANG, 2003. An agency explanation of the closed-end fund puzzles. [Cited by 3] (0.71/year)
• BAILEY, W., Y.P. CHUNG and J. KANG, 1999. Foreign Ownership Restrictions and Equity Price Premiums: What Drives the Demand for Cross-Border …. The Journal of Financial and Quantitative Analysis. [Cited by 54] (6.55/year)
• BAKER, M. and J. WURGLER, 2005. Investor sentiment and the cross-section of stock returns. Journal of Finance. [Cited by 68] (30.33/year)
• BARONE-ADESI, G., Y. KIM and F.A.C.O.L.T.?. DI, 1999. Incomplete Information and the Closed-end Fund Discount. istfin.eco.unisi.ch. [Cited by 4] (0.49/year)
• BAUR, M., P. COELHO and G. SANTONI, 1996. Management Expenses and the Closed-End Fund Puzzle. Journal of Economics. [Cited by 6] (0.53/year)
• BEKAERT, G. and M.S. URIAS, 1996. Diversification, Integration and Emerging Market Closed-End Funds. The Journal of Finance. [Cited by 150] (13.34/year)
• BERK, J.B. and R. STANTON, 2004. A Rational Model of the Closed-End Fund Discount. [Cited by 13] (4.01/year)
• BERK, J.B. and R. STANTON, 2007. Managerial Ability, Compensation, and the Closed-End Fund Discount. The Journal of Finance. [Cited by 3] (8.09/year)
• BERS, M.K. and J. MADURA, 2000. The Performance Persistence of Closed-End Funds. The Financial Review. [Cited by 16] (2.21/year)
• BODURTHA, J.N., D.S. KIM and C.M.C. LEE, Review of Financial Studies. Closed-end country funds and US market sentiment. [Cited by 116] (?/year)
• BONSER-NEAL, C., et al., 1990. International Investment Restrictions and Closed-End Country Fund Prices. The Journal of Finance. [Cited by 93] (5.39/year)
• BRAUER, G.A., 1993. “Investor sentiment” and the closed-end fund puzzle: A 7 percent solution. Journal of Financial Services Research. [Cited by 26] (1.83/year)
• BRICKLEY, J., S. MANASTER and J. SCHALLHEIM, 1991. The Tax-Timing Option and the Discounts on Closed-End Investment Companies. The Journal of Business. [Cited by 40] (2.46/year)
• BROWN, G.W. and M.T. CLIFF, 2004. Investor sentiment and the near-term stock market. Journal of Empirical Finance. [Cited by 36] (11.10/year)
• BURCH, T.R., D.R. EMERY and M.E. FUERST, 2003. What Can" Nine-Eleven" Tell Us about Closed-end Fund Discounts and Investor Sentiment?. Financial Review. [Cited by 6] (1.41/year)
• CAPON, N., G.J. FITZSIMONS and R. ALAN, 1996. An individual level analysis of the mutual fund investment decision. Journal of Financial Services Research. [Cited by 62] (5.52/year)
• CARROLL, T.J., T.J. LINSMEIER and K.R. PETRONI, Journal of Accounting Auditing and Finance Conference. THE RELIABILITY OF FAIR VALUE VS. HISTORICAL COST INFORMATION: EVIDENCE FROM CLOSED-END MUTUAL FUNDS. [Cited by 10] (?/year)
• CHAN, J., R. JAIN and Y. XIA, 2005. Market segmentation, liquidity spillover, and closed-end country fund discounts. [Cited by 5] (2.23/year)
• CHAN, K.C., P.H. HENDERSHOTT and A.B. SANDERS, 1990. Risk and Return on Real Estate: Evidence from Equity REITs. Real Estate Economics. [Cited by 109] (6.32/year)
• CHARLES, L.M.C., S. ANDREI and R.H. THALER, 1991. Investor Sentiment and the Closed-End Fund Puzzle. The Journal of Finance. [Cited by 6] (0.37/year)
• CHARLES, M.C., L, Anderei S. and Richard HT, 1991, Investor sentiment and the closed-end fund puzzle. Journal of Finance. [Cited by 2] (?/year)
• CHEN, G., O. RUI and Y. XU, 2001. A First Look at Closed-End Funds in China. [Cited by 6] (0.96/year)
• CHEN, N.F., R. KAN and M.H. MILLER, 1993. Are the Discounts on Closed-End Funds a Sentiment Index?. The Journal of Finance. [Cited by 83] (5.83/year)
• CHERKES, M., 2003. A positive theory of closed-end funds as an investment vehicle. [Cited by 15] (3.54/year)
• CHOI, J.J. and I. LEE, 1996. Market segmentation and the valuation of closed-end country funds: An empirical analysis. Review of Quantitative Finance and Accounting. [Cited by 14] (1.25/year)
• CHOPRA, N., et al., 1993. Yes, Discounts on Closed-End Funds Are a Sentiment Index. The Journal of Finance. [Cited by 54] (3.79/year)
• CHOPRA, N., et al., 1993. Summing Up. The Journal of Finance. [Cited by 14] (0.98/year)
• CLARKE, J. and K. SHASTRI, 2001. Adverse Selection Costs and Closed-End Funds. Financial Economics Network (www. ssrn. com) Working Paper. [Cited by 5] (0.80/year)
• COLES, J.L., J. SUAY and D. WOODBURY, 2000. Fund Advisor Compensation in Closed-End Funds. The Journal of Finance. [Cited by 33] (4.56/year)
• CORNELL, B. and Q. LIU, 2001. The Parent Company Puzzle: When Is the Whole Worth Less than One of the Parts?. Journal of Corporate Finance. [Cited by 13] (2.08/year)
• DELONG, J.B. and A. SHLEIFER, 1990. The Bubble of 1929: Evidence from Closed-End Funds. [Cited by 7] (0.41/year)
• DIMSON, E. and C. MINIO-KOZERSKI, 1999. Closed-End Funds: A Survey. Financial Markets Institutions and Instruments. [Cited by 64] (7.77/year)
• DIMSON, E. and C. MINIO-KOZERSKI, 1998. The Closed-End Fund Discount and Performance Persistence. London Business School Mimeo. [Cited by 16] (1.73/year)
• DIMSON, E. and C. MINIO-KOZERSKI, 1999. A Factor Model of the Closed-End Fund Discount. [Cited by 4] (0.49/year)
• DOUKAS, J.A. and N.T. MILONAS, 2004. Investor Sentiment and the Closed-end Fund Puzzle: Out-of-sample Evidence. European Financial Management. [Cited by 8] (2.47/year)
• ELTON, E.J., M.J. GRUBER and J.A. BUSSE, 1998. Do Investors Care About Sentiment?. Journal of Business. [Cited by 51] (5.52/year)
• FERGUSON, R. and D. LEISTIKOW, 2004. Closed-End Fund Discounts and Expected Investment Performance. The Financial Review. [Cited by 7] (2.16/year)
• FISHER, K.L. and M. STATMAN, 2000. Investor sentiment and stock returns. Financial Analysts Journal. [Cited by 43] (5.94/year)
• FRANKEL, J.A. and S. SCHMUKLER, 1996. Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents …. [Cited by 54] (4.80/year)
• FRANKEL, J.A. and S.L. SCHMUKLER, 1996. Country fund discounts and the mexican crisis of December 1994: Did local residents turn pessimistic …. Open Economies Review. [Cited by 48] (4.27/year)
• FRANKEL, J.A. and S.L. SCHMUKLER, 2000. Country funds and asymmetric information. International Journal of Finance & Economics. [Cited by 47] (6.49/year)
• FRANKEL, J.A., S.L. SCHMUKLER and F.E.D.E.R.A.L. RESERVE, 1996. Crisis, Contagion, and Country Funds: Effects on East Asia and Latin America. econ.worldbank.org. [Cited by 68] (6.05/year)
• FROOT, K.A., 1999. The Market for Catastrophe Risk: A Clinical Examination. [Cited by 95] (11.53/year)
• GARAY, U. and P. RUSSEL, 1999. The Closed-End Fund Puzzle: A Review. The Journal of Alternative Investments. [Cited by 2] (0.24/year)
• GASBARRO, D., R.D. JOHNSON and J.K. ZUMWALT, 2003. Evidence on the Mean-Reverting Tendencies of Closed-End Fund Discounts. The Financial Review. [Cited by 14] (3.30/year)
• GEHRIG, T., 1993. An Information Based Explanation of the Domestic Bias in International Equity Investment. The Scandinavian Journal of Economics. [Cited by 113] (7.93/year)
• GEMMILL, G. and D.C. THOMAS, 2002. Noise Trading, Costly Arbitrage, and Asset Prices: Evidence from Closed-end Funds. The Journal of Finance. [Cited by 51] (9.73/year)
• GOETZMANN, W.N., M. MASSA and K.G. ROUWENHORST, 2000. Behavioral factors in mutual fund flows. viking.som.yale.edu. [Cited by 33] (4.56/year)
• GRULLON, G. and F.A. WANG, 2001. Closed-End Fund Discounts with Informed Ownership Differential. Journal of Financial Intermediation. [Cited by 11] (1.76/year)
• HANLEY, K.W., 1994. The Marketing of closed-end fund IPOs: evidence from transactions data. [Cited by 44] (3.32/year)
• HARDOUVELIS, G.A., R. LA and T.A. WIZMAN, 1993. What Moves the Discount on Country Equity Funds?. [Cited by 60] (4.21/year)
• IPPOLITO, R.A., 1992. Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry. Journal of Law and Economics. [Cited by 237] (15.55/year)
• KELLY, M., 1997. Do Noise Traders Influence Stock Prices?. Journal of Money, Credit & Banking. [Cited by 14] (1.37/year)
• KIM, W. and S.J. WEI, 1999. Foreign portfolio investors before and during a crisis. fiordiliji.sourceoecd.org. [Cited by 144] (17.47/year)
• KLIBANOFF, P., O. LAMONT and T.A. WIZMAN, 1998. Investor Reaction to Salient News in Closed-End Country Funds. The Journal of Finance. [Cited by 75] (8.12/year)
• LAMONT, O.A. and R.H. THALER, 2003. Can the Market Add and Subtract? Mispricing in Tech Stock Carve-outs. Journal of Political Economy. [Cited by 175] (41.26/year)
• LEE, C. and A. SHLEIFER, Richard Thaler, 1991, Investor Sentiment and the Closed End Fund Puzzle”. Journal of Finance. [Cited by 5] (?/year)
• LEE, C., A. SHLEIFER and R. THALER, 1991. Investment Sentiment and the Closed-End Fund Puzzle. Journal of Finance. [Cited by 2] (0.12/year)
• LEE, C.A., Shleifer, and R. Thaler 1991." Investor sentiment and the closed-end fund puzzle.". Journal of Finance. [Cited by 4] (?/year)
• LEE, C.M. and A. SHLEIFER, et Thaler, RH (1991) Investor Sentiment and the Closed-End Fund Puzzle. Quasi Rational Economics. [Cited by 2] (?/year)
• LEE, C.M.C., A. SHLEIFER and R.H. THALER, 1990. Anomalies: Closed-End Mutual Funds. The Journal of Economic Perspectives. [Cited by 44] (2.55/year)
• LEE, C.M.C., A. SHLEIFER and R.H. THALER, 1991. Investor Sentiment and the Closed-End Fund Puzzle. The Journal of Finance. [Cited by 429] (26.41/year)
• LEVY-YEYATI, E. and A. UBIDE, 2000. Crises, Contagion, and the Closed-End Country Fund Puzzle. IMF Staff Papers. [Cited by 25] (3.45/year)
• LEVY-YEYATI, E. and A. UBIDE, 1998. Crisis, Contagion, and the Closed-End Fund Puzzle. [Cited by 2] (0.22/year)
• LONG, J.B.D. and A. SHLEIFER, 1991. The Stock Market Bubble of 1929: Evidence from Closed-end Mutual Funds. The Journal of Economic History. [Cited by 25] (1.54/year)
• MALKIEL, B.G., 2003. The Efficient Market Hypothesis and Its Critics. The Journal of Economic Perspectives. [Cited by 114] (26.87/year)
• MANZLER, D., 2005. Liquidity, liquidity risk and the closed-end fund discount. [Cited by 3] (1.34/year)
• OH, G., S.A. ROSS and W.F.I. CENTER, 1994. Asymmetric Information and the Closed-end Fund Puzzle. ideas.repec.org. [Cited by 1] (0.08/year)
• PALOMINO, F., 1996. Noise Trading in Small Markets. The Journal of Finance. [Cited by 47] (4.18/year)
• PONTIFF, J., 1996. Costly Arbitrage: Evidence from Closed-End Funds. The Quarterly Journal of Economics. [Cited by 155] (13.79/year)
• PONTIFF, J., 1997. Excess Volatility and Closed-End Funds. The American Economic Review. [Cited by 57] (5.57/year)
• PORTER, D.P. and V.L. SMITH, 2003. Stock Market Bubbles in the Laboratory. Journal of Behavioral Finance. [Cited by 39] (9.19/year)
• RAGHUBIR, P. and S.R. DAS, 1999. A Case for Theory-Driven Experimental Enquiry. Financial Analysts Journal. [Cited by 8] (0.97/year)
• RASHES, M.S., 2001. Massively Confused Investors Making Conspicuously Ignorant Choices (MCI-MCIC). The Journal of Finance. [Cited by 38] (6.09/year)
• REMOLONA, E.M., P. KLEIMAN and D. GRUENSTEIN, 1997. Market Returns and Mutual Fund Flows. FRBNY Economic Policy Review. [Cited by 27] (2.64/year)
• RICHARD, J.E. and J.B. WIGGINS, 2000. The information content of closed-end country fund discounts. Financial Services Review. [Cited by 11] (1.52/year)
• ROSS, S.A., 2002. Neoclassical Finance, Alternative Finance and the Closed End Fund Puzzle. European Financial Management. [Cited by 25] (4.77/year)
• ROSS, S.A., 2002. A neoclassical look at behavioral finance; closed-end funds. Princeton Lectures in Finance III. [Cited by 10] (1.91/year)
• ROWE, W.W. and W.N. DAVIDSON, 2000. Fund Manager Succession in Closed-End Mutual Funds. The Financial Review. [Cited by 7] (0.97/year)
• SCHILL, M.J. and C. ZHOU, 2001. Pricing an Emerging Industry: Evidence from Internet Subsidiary Carve-Outs. Financial Management. [Cited by 31] (4.97/year)
• SCHWERT, G.W., 2002. Anomalies and Market Efficiency. [Cited by 119] (22.70/year)
• SENTIMENT, I., 1991. the Closed-End Fund Puzzle.". Journal of Finance. [Cited by 5] (0.31/year)
• SHILLER, R.J., 1999. Measuring Bubble Expectations and Investor Confidence. Lawrence Earlbaum. [Cited by 55] (6.67/year)
• SHLEIFER, A., 2000. Inefficient markets. ingentaconnect.com. [Cited by 148] (20.44/year)
• SHLEIFER, A., 2000. Inefficient Markets: An Introduction to Behavioral Finance. books.google.com. [Cited by 577] (79.68/year)
• SHLEIFER, L. and H. THALER, 1991. Investor sentiment and the closed-end fund puzzle. Journal of Finance. [Cited by 3] (0.18/year)
• SIAS, R., 1997. The Sensitivity of Individual and Institutional Investors' Expectations to Changing Market …. Review of Quantitative Finance and Accounting. [Cited by 10] (0.98/year)
• SIMPSON, M.W., 2002. Is differential sentiment a cause of closed-end country fund premia? An empirical examination of the …. Applied Economics Letters. [Cited by 6] (1.14/year)
• SPIEGEL, M., 1999. Closed-End Fund Discounts in a Rational Agent Economy. Working Fundamentals Detrended prices 1yr Excess Returns. [Cited by 12] (1.46/year)
• TABLE, I., et al., 2006. Tax-Loss Selling and the January Effect: Evidence from Municipal Bond Closed-End Funds. The Journal of Finance. [Cited by 3] (2.42/year)
• WANG, K., et al., 1995. Market Microstructure and Real Estate Returns. Real Estate Economics. [Cited by 22] (1.80/year)
• WERMERS, R., Y. WU and J. ZECHNER, 2005. Portfolio performance, discount dynamics, and the turnover of closed-end fund managers. [Cited by 2] (0.89/year)
• XU, Y., http:? www. utdallas. edu/~ yexiaoxu. Understanding Closed-End Fund Puzzles-A Stochastic Turnover Perspective. [Cited by 5] (?/year)
• ZIEMBA, W.T. and D.B. KEIM, 2000. Security Market Imperfections in Worldwide Equity Markets. books.google.com. [Cited by 22] (3.04/year)