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Dividend distributions and closed-end fund discounts

✍ Scribed by Theodore E. Day; George Z. Li; Yexiao Xu

Book ID: 113711335
Publisher: Elsevier Science
Year: 2011
Tongue: English
Weight: 393 KB
Volume: 100
Category: Article
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2011.01.004

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## Abstract In open‐end mutual funds (unit trusts), there is a strong positive cross‐sectional relationship between net inflows to individual funds and past performance, as if investors attributed performance to managerial skill. Performance shows only very weak persistence, however, so at first si