Under the condition of our country devoting major efforts to develop open-end funds, the existing closed-end funds may be restructured as open-end funds. While most of the closed-end funds in our country are in discounted presently, and the open-end funds have higher deal cost and higher liquidity risk than the closed-end ones. How does the Open-end Investment Company be on guard the liquidity risk? What changes will take place about the investors earnings when a closed-end fund is restructured? And, When a closed-end fund is open-ended or has the potential to be open-ended, is the closed-end fund share price also be affected? The paper analyses the effects and gives some meaningful results.
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