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Rev Fin 1990; 3:695-708
© 1990 the Society for Financial Studies

Article

Returns on initial public offerings of closed-end funds

JW Peavy
Edwin L. Cox School of Business, Southern Methodist University, Dallas, TX 75275, USA

Abstract

Examination of 41 closed-end fund initial public offerings (IPOs) during the period from January 1986 to June 1987 reveals that the mean initial day's return is not significantly different from zero in contrast to previous findings for nonfund IPOs. New funds also show significant negative after-market returns unlike other new issues. Despite the disparity between our findings and previous results, our results are consistent with existing models.


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