作者：Cherkes, Martin; Sagi, Jacob; Stanton, Richard
作者单位：University of California System; University of California Berkeley; Vanderbilt University; Columbia University
摘要：This paper develops a rational, liquidity-based model of closed-end funds (CEFs) that provides an economic motivation for the existence of this organizational form: They offer a means for investors to buy illiquid securities, without facing the potential costs associated with direct trading and without the externalities imposed by an open-end fund structure. Our theory predicts the patterns observed in CEF initial public offerings (IPOs) and the observed behavior of the CEF discount, which res...
作者：Hoberg, Gerard; Prabhala, Nagpurnanand R.
作者单位：University System of Maryland; University of Maryland College Park
摘要：Fama and French (2001a) show that the propensity to pay dividends declines significantly between 1978 and 1999. We examine this disappearing dividends puzzle through the lens of risk and report two main findings: (i) Risk is a significant determinant of the propensity to pay dividends, and it explains roughly 40% of disappearing dividends; (ii) We find little support for the view that disappearing dividends reflects firms' catering to transient fads for dividends. Absent risk controls, proxies...
