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Investor Sentiment and the Closed-End Fund Puzzle
Open accessAbstract
This paper examines the proposition that fluctuations in discounts of closed-end funds are driven by changes in individual investor sentiment. The theory implies that discounts on various funds move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts are correlated with prices of other securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that both closed-end funds and small stocks tend to be held by individual investors, and that the discounts on closed-end funds narrow when small stocks do well.
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Citations
Cited by
Investor Sentiment and the Cross‐Section of Stock Returns
BAKER, M., & WURGLER, J. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00885.x · Cited by 6,049
Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Barber, B. M., & Odean, T. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00226 · Cited by 3,955
Investor Psychology and Asset Pricing
(2001) · The Journal of Finance · doi:10.1111/0022-1082.00379 · Cited by 2,357
Does Academic Research Destroy Stock Return Predictability?
MCLEAN, R. D., & PONTIFF, J. (2016) · The Journal of Finance · doi:10.1111/jofi.12365 · Cited by 1,566
BRAV, A., & GOMPERS, P. A. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02742.x · Cited by 1,464
Metadata
- Authors
- Lee, C. M. C., Shleifer, A., & Thaler, R. H.
- Venue
- The Journal of Finance
- Publisher
- JSTOR
- Published
- 1991-03
- Volume
- 46
- Issue
- 1
- Pages
- 75
- ISSN
- 0022-1082 (ISSN-L)
- OpenAlex
- W2052758069
- Cited by
- 1,318
- References
- 0
- FWCI
- 28.84
- Type
- journal article
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: Investor Sentiment and the Closed-End Fund Puzzle. https://app.cochat.ai/papers/10.2307/2328690
- The paper
- Lee, C. M. C., Shleifer, A., & Thaler, R. H. (1991). Investor Sentiment and the Closed-End Fund Puzzle. The Journal of Finance. https://doi.org/10.2307/2328690
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
