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dc.contributor.advisorDyl, Edward A.en_US
dc.contributor.authorSeltzer, David Fred.
dc.creatorSeltzer, David Fred.en_US
dc.date.accessioned2011-10-31T17:22:35Z
dc.date.available2011-10-31T17:22:35Z
dc.date.issued1989en_US
dc.identifier.urihttp://hdl.handle.net/10150/184926
dc.description.abstractClosed-end funds have been an anomaly in finance because the market prices of their shares differ from their aggregate net asset values per share. They often purchase shares of restricted securities at prices which are discounted from the prices of unrestricted securities. However, restricted securities are valued as if they were unrestricted securities in the determination of fund net asset values. In addition, closed-end funds hold securities which are illiquid and difficult to price. Closed-end funds' discounts and premia can be explained by the mispricing of restricted and illiquid securities. Finally, results of time series regressions over a 21 year period show that closed-end fund discounts and premia cannot be explained by the general level of stock prices. This conclusion contradicts the prior research on this topic.
dc.language.isoenen_US
dc.publisherThe University of Arizona.en_US
dc.rightsCopyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.en_US
dc.subjectMutual fundsen_US
dc.subjectInvestmentsen_US
dc.titleClosed-end funds: Discounts, premia and performance.en_US
dc.typetexten_US
dc.typeDissertation-Reproduction (electronic)en_US
dc.contributor.chairDyl, Edward A.en_US
dc.identifier.oclc703432659en_US
thesis.degree.grantorUniversity of Arizonaen_US
thesis.degree.leveldoctoralen_US
dc.contributor.committeememberCarleton, Willard T.en_US
dc.contributor.committeememberDatta, Prabiren_US
dc.identifier.proquest9013183en_US
thesis.degree.disciplineBusiness Administrationen_US
thesis.degree.disciplineGraduate Collegeen_US
thesis.degree.namePh.D.en_US
refterms.dateFOA2018-08-22T22:46:47Z
html.description.abstractClosed-end funds have been an anomaly in finance because the market prices of their shares differ from their aggregate net asset values per share. They often purchase shares of restricted securities at prices which are discounted from the prices of unrestricted securities. However, restricted securities are valued as if they were unrestricted securities in the determination of fund net asset values. In addition, closed-end funds hold securities which are illiquid and difficult to price. Closed-end funds' discounts and premia can be explained by the mispricing of restricted and illiquid securities. Finally, results of time series regressions over a 21 year period show that closed-end fund discounts and premia cannot be explained by the general level of stock prices. This conclusion contradicts the prior research on this topic.


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