Closed-End Investment Companies
Historic Returns and Investment Strategies
DOI:
https://doi.org/10.1016/S1057-0810(99)80004-3Abstract
Studies conducted in the past have identified inefficiencies in the market for Closed- End Investment Company (CEIC) shares. In addition, studies have demonstrated the potential for trading strategies to exploit these inefficiencies. The purpose of this paper is to investigate the possibility of achieving excess returns through the utilization of relatively simple strategies not requiring continuous monitoring of discount(s) orfrequent trading. Our investigation demonstrates that realizing excess returns through the use of simple mechanical trading strategies will not be possible.
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