Managerial Ability, Compensation, and the Closed‐End Fund Discount
证明管理能力与行业普遍采用的劳动合约共同导致封闭式基金折价呈现文献中记录的主要特征，模型能较好匹配数据，但仍有待解释的现象。
ABSTRACT This paper shows that the existence of managerial ability, combined with the labor contract prevalent in the industry, implies that the closed‐end fund discount should exhibit many of the primary features documented in the literature. We evaluate the model's ability to match the quantitative features of the data, and find that it does well, although there is some observed behavior that remains to be explained.