Managed Distribution Policies in Closed-End Funds and Shareholder Activism

In closed-end funds, a managed distribution policy (MDP) is a dividend commitment potentially requiring the liquidation of assets. We argue that MDPs lower managerial claims on fund assets and, when the fund is at a discount, increase shareholder value. This transfer of wealth can be rationalized by...

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Veröffentlicht in:	Journal of financial and quantitative analysis 2014-12, Vol.49 (5-6), p.1311-1337
Hauptverfasser:	Cherkes, Martin, Sagi, Jacob S., Wang, Z. Jay
Format:	Artikel
Sprache:	eng
Schlagworte:	Activists Assets Bankruptcy Stockholders Wealth
Online-Zugang:	Volltext
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