Liquidity, sentiment, and segmentation: A survey of closed-end fund literature

Closed-end funds have been a topic of lively debatefor several decades. In this paper I focus on studies relating to liquidity,sentiment and segmentation and, in particular, on studies that investigateclosed-end country funds. I extend the previous survey by Dimson & Minio-Kozerski (1999) by adding in morerecent contributions to the closed-end fund debate; and by including more of adiscussion of sentiment, segmentation and country funds I complement the recentsurvey by Cherkes (2012).In addition I provide summaries of over 40 key papers in these areas, listingthe sample and sample period, the theory examined and the findings of eachpaper.