作者：Swaminathan, B
摘要：This article describes the relation between closed-end fund discounts and time-varying expected excess returns on small firms. The results indicate that closed-end fund discounts forecast future excess returns on small firms. The information in discounts is independent of that in other commonly used forecasting variables such as the dividend yield on the market, the default spread and the term spread, Furthermore, the closed-end fund discount forecasts only the small firm factor return and is ...
