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Theoretical and Applied Economics
No. 10 / 2008 (527)

An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

Victor Dragota
Academy of Economic Studies, Bucharest
Mihai Caruntu
Romanian Commercial Bank
Andreea Stoian
Academy of Economic Studies, Bucharest

Abstract. This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual) moments.

Keywords: closed-end funds; market efficiency; emergent capital markets; Romania.

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