Abstract
This paper seeks to further investigate the quandary of closed-end fund discounts known as the four-piece puzzle. While other researchers have taken a behavior approach (investor sentiment, etc.), this study will explore empirical data on several variables, including some Fama-French factors. Using a fixed effects model, the effects of turnover, three-year-beta, price/book, median market capitalization, expenses and income were measured in this study.
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