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Managing Director and Head of Equities
Gramercy Advisors, L.L.C.
Direct Phone: (203) ***-****
The Journal of American Academy
Anthony Tessitore, Daiwa Securities Trust CompanyNilufer Usmen, Montclair State UniversityAbstractThe paper examines whether discounts and premiums on closed-end equity funds can be used to earn positive excess returns over a benchmark index.Similar questions have been explored in the past.These studies have found that investors could have earned higher returns than a benchmark of U.S. stocks by purchasing shares of closed-end funds with discounts, and lower returns by purchasing shares with premiums.This paper is similar to the above-mentioned papers but exploits a new and extensive sample of U.S. and U.K. -listed closed-end funds.The sample contains 128 funds on January 4, 1991 and ends with 234 funds on September 4, 1998.
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