Closed-end funds and investment trusts
The discount-to-NAV wrapper is one of the oldest structures in investing and one of the least written about: about six book-length treatments, mostly academic, plus UK yearbooks. The central explanation is still Lee, Shleifer and Thaler's investor-sentiment paper rather than any book.
6 books
Start here
- Investing in Closed-End FundsAlbert J. Fredman, George Cole Scott, 1991
- The Investment Trusts HandbookJonathan Davis, 2017
- The Split Capital Investment Trust CrisisAndrew Adams, 2004
Books 6
Albert J. Fredman, George Cole Scott · 1991 · The standard American guide to discounts, premiums and CEF selection.
Andrew Adams · 2004 · The UK trust sector's own blow-up: gearing, cross-holdings and collapse.
Jonathan Davis · 2017 · Annual survey of the UK investment trust sector; edited collection.
Seth C. Anderson, Jeffery A. Born · 1992 · Academic study of how discounts and premiums behave over time.
Tomas Hjelstrom · 2007 · Doctoral treatment of the discount anomaly; narrow but the real literature.
Seth C. Anderson, Jeffery A. Born, Oliver Schnusenberg · 2009 · Academic review of the discount puzzle and related structures.