Managerial performance and the cross-sectional pricing of closed-end funds
发现封闭式基金的折价和溢价反映了市场对经理人未来业绩的预期，股票基金溢价与未来一年净资产价值表现正相关，但债券基金无此关系。
This paper finds that discounts and premiums of closed-end funds reflect the market’s assessment of anticipated managerial performance. Using single and multiple benchmarks, we present evidence that there is a significant and positive relation between stock fund premiums and future net asset value performance over the following year. The relation is not caused by the anticipation of future expenses. The conclusions are the same if a measure of noise-trading (or the “investor sentiment index”) is subtracted from a fund’s discount/premium. We also find that bond closed-end funds show no such relation between premium and net asset value performance.