• Seth C. Anderson
  • Jeffery A. Born
Part of the Innovations in Financial Markets and Institutions book series (IFMI, volume 13)


Over the past decades different arguments have been offered to explain the magnitude of and/or behavior of closed-end fund discounts. Many of these arguments have been discarded or mitigated. We are reminded of the words of Richard McEnally, who, when referring to a different controversy in the finance literature stated, “Just because someone says it’s so, many times, doesn’t make it so.”


Market Return Finance Literature Target Market Investor Sentiment Noise Trade 
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Copyright information

© Springer Science+Business Media Dordrecht 2002

Authors and Affiliations

  • Seth C. Anderson
    • 1
  • Jeffery A. Born
    • 2
  1. 1.Department of Accounting and FinanceUniversity of North FloridaUSA
  2. 2.College of Business AdministrationNortheastern UniversityUSA

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