A POSSIBLE RECONCILIATION OF SOME OF THE CONFLICTING FINDINGS ON CLOSED‐END FUND DISCOUNTS: A NOTE
提出一个模型，在不放弃市场有效性和理性假设的前提下，解释封闭式基金折价之谜中的一些典型事实，指出考虑管理贡献对开放概率的影响后，管理贡献与折价之间可能存在负相关关系。
The most obvious explanation for the closed‐end fund puzzle, the existence of managerial contribution (i.e., managerial performance less managerial fees), has been called into disrepute because of the inability of researchers to consistently document a negative relationship between such benefits and discounts. We present a model which shows that it is possible to account for some of the stylized facts without abandoning market efficiency and rationality. It is suggested that when one takes into consideration the impact of managerial contribution on the probability of open‐ending, a negative relationship between managerial contribution and discounts actually may result.