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B. Malkiel (1977)
THE VALUATION OF CLOSED-END INVESTMENT-COMPANY SHARESJournal of Finance, 32
Michael Barclay, C. Holderness (1989)
Private benefits from control of public corporationsJournal of Financial Economics, 25
Rex Thompson (1978)
The information content of discounts and premiums on closed-end fund sharesJournal of Financial Economics, 6
Mark Grinblatt, Ronald Masulis, S. Titman (1984)
The Valuation Effects of Stock Splits and Stock DividendsIO: Empirical Studies of Firms & Markets
Kathleen Weiss (1989)
The Post-Offering Price Performance of Closed-End FundsFinancial Management, 18
E. Fama, M. Jensen (1983)
Agency Problems and Residual ClaimsThe Journal of Law and Economics, 26
Footnotes 1 . See, for example, Greggory A. Brauer , “ Open‐ending Closed‐end Funds ,” Journal of Financial Economics 13 ( 1984 ), 461 – 507 ; and Rex Thompson , “ The Information Content of Discounts and Premiums on Closed‐end Fund Shares ,” Journal of Financial Economics 6 ( 1978 ), 151 – 186 . 2 . Michael J. Barclay and Clifford G. Holderness , “ Private Benefits from Control of Public Corporations ,” Journal of Financial Economics 25 ( 1989 ), 371 – 397 . 3 . Although blocks that are hostile toward management are excluded from the scatter plots, seven of the eight funds with hostile blockholders also trade at a discount. 4 . The return on the stock market index over this period was –27%. 5 . Liberty Management is further compensated for “payment of brokerage fees and commissions, audits, transfer and custodian fees, record‐keeping, legal fees, quotation fees, fidelity bonds,” and many other expenses, including “any extraordinary expense of a nonrecurring nature.” Barron's , March 7, 1988, p. 9. It is interesting that Liberty Management's compensation is based on net asset value, rather than on the market value of the fund itself. This
Journal of Applied Corporate Finance – Wiley
Published: Mar 1, 1995
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