1. The Performance Persistence of Closed-End Funds
- Author
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Martina K. Schmidt and Jeff Madura
- Subjects
Fund of funds ,Finance ,Economics and Econometrics ,business.industry ,Institutional investor ,Closed-end fund ,Passive management ,Monetary economics ,Global assets under management ,Commodity pool ,Net asset value ,Open-end fund ,Economics ,business ,health care economics and organizations - Abstract
The purpose of this study is to extend the research on mutual fund performance persistence to net asset value and market price performance of domestic closed-end funds. While research has assessed the performance persistence of open-end mutual funds, it has not assessed the performance persistence of closed-end funds. Yet, the unique characteristics of closed-end funds allow stronger arguments for their persistence than the arguments previously submitted for open-end mutual funds. The results show evidence for risk-adjusted performance persistence.
- Published
- 2000
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