. . "National Bureau of Economic Research" . . "Rationales Verhalten" . . "Anlageverhalten" . . "Abzinsung" . . . . . . . . . . . . . . . "\"The discount on closed-end funds is widely accepted as proof of investor irrationality. We show, however, that a parsimonious rational model can generate a discount that exhibits many of the characteristics observed in practice. The only required features of the model are that managers have (imperfectly observable) ability to generate excess returns; they sign long-term contracts guaranteeing them a fee each year equal to a fixed fraction of assets under management; and they can leave to earn more money elsewhere if they turn out to be good. With these assumptions, time-varying discounts are not an anomaly in a rational world with competitive investors -- they are required\"--National Bureau of Economic Research web site."@en . . . . . . . . . . . . . . . . . "A rational model of the closed-end fund discount"@en . "A rational model of the closed-end fund discount" . . . "A Rational Model of the Closed-End Fund Discount" . "A Rational Model of the Closed-End Fund Discount"@en . . . "The discount on closed-end funds is widely accepted as proof of investor irrationality. We show,however, that a parsimonious rational model can generate a discount that exhibits many of the characteristics observed in practice. The only required features of the model are that managers have (imperfectly observable) ability to generate excess returns; they sign long-term contracts guaranteeing them a fee each year equal to a fixed fraction of assets under management; and they can leave to earn more money elsewhere if they turn out to be good. With these assumptions, time-varying discounts are not an anomaly in a rational world with competitive investors -- they are required." . . "Investmentfonds" . . "Zonder onderwerpscode: economie." . . "Theorie" . . "Investmentfonds / Abzinsung / Anlageverhalten / Rationales Verhalten / Theorie." . .