The performance persistence of closed-end funds.
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.
Blackwell Publishers for the Eastern Finance Association
Bers, M. K. and Madura, J. (2000). The performance persistence of closed-end funds. Financial Review, 35, 33-52. doi: 10.1111/j.1540-6288.2000.tb01420.x
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