search query: @author Grullon, G. / total: 2
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| Author: | Grullon, G. Wang, F.A. |
| Title: | Closed-end fund discounts with informed ownership differential |
| Journal: | Journal of Financial Intermediation
2001 : APR, VOL. 10:2, p. 171-205 |
| Index terms: | ASSETS INFORMATION |
| Freeterms: | CLOSED-END FUND DISCOUNTS |
| Language: | eng |
| Abstract: | The authors develop a multiasset trading model to examine the closed-end fund discount. The model shows that the discount can arise if the quality of private information in the under-lying assets is sufficiently better than in the fund. The model also indicates that a discount (premium) can arise if the excessive volatility of the fund dominates (is dominated by) the fund's diversification benefit. |
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