Closed-end versus open-end: the choice of organizational form

被引：13

作者：

Deli, DN

Varma, R

机构：

[1] Arizona State Univ, Dept Finance, Tempe, AZ 85287 USA

[2] Univ Delaware, Newark, DE USA

来源：

JOURNAL OF CORPORATE FINANCE | 2002年 / 8卷 / 01期

关键词：

closed-end fund; open-end fund; mutual fund; organizational form;

D O I：

10.1016/S0929-1199(01)00038-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the choice of organizational form for investment funds. We find that funds that hold less liquid securities with less transparent prices are more likely to be closed-end. The relation is economically meaningful as well as statistically significant. Our results are consistent with Fama and Jensen's [J. Law Econ. 26 (1983a) 327; J. Law Econ. 26 (1983b) 301] prediction that redeemable shares are not efficient when assets are relatively illiquid and asset prices are difficult to observe. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：1 / 27

页数：27

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