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The Performance Persistence of Closed‐End Funds
Author(s) -
Bers Martina K.,
Madura Jeff
Publication year - 2000
Publication title -
financial review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.621
H-Index - 47
eISSN - 1540-6288
pISSN - 0732-8516
DOI - 10.1111/j.1540-6288.2000.tb01420.x
Subject(s) - closed end fund , persistence (discontinuity) , net asset value , open end fund , business , fund of funds , global assets under management , asset (computer security) , monetary economics , economics , finance , institutional investor , computer science , market liquidity , engineering , corporate governance , geotechnical engineering , computer security
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.