Closed-end Investment Companies

This book documents both theoretical and empirical researches on the closed-end fund industry. It outlines the institutional framework of closed-end fund industry from various perspectives. Different from previous literature on fund industry, this book respectively examines the effects of tax benefits on closed-end funds¿ promotion of innovation, the repurchase activity of closed-end funds, and the managerial incentive compensation of closed-end funds. The study of this book can provide suggestions to both practitioners and policy makers on closed-end fund industry. The author acknowledges that this work was supported by grants from the Beijing Municipal Commission of Education "Pilot Reform of Accounting Discipline Clustering".