FURTHER INTELLIGENCE ON CLOSED-END FUNDS

descriptionPublicationkeyboard_double_arrow_right Article 01 Jan 2024Publisher:Ninety Nine PublicationJournal:Journal of Advance Research in Mathematics And Statistics (ISSN 2208-2409), volume 12, pages 1-9 (eissn: 2208-2409,

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Authors: Joel Viera;

doi: 10.61841/cf0qth29 , 10.2139/ssrn.4923413

FURTHER INTELLIGENCE ON CLOSED-END FUNDS

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Abstract

This study shows inflation has distinct short and long-term effects on closed-end funds (CEFs) liquidity. With an inverse relationship between the prime rate and liquidity, CEFs use leverage. According to Datar (2001), an inverse relationship between liquidity and CEFs’ discounts is expected. As robustness check, this study estimates the risk-free rate using the capital asset pricing model (CAPM). A validated rate strongly supports the existence of these relations, adding intelligence about CEFs discounts and liquidity.

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