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This study examines the existence and performance of closed-end bond funds by analyzing 54 match-paired samples from 1996 to 2006, each matched with an open-end fund managed by the same portfolio manager and under the same fund family. Utilizing data from reputable sources like Lipper, Morningstar, Bloomberg, and CRSP, we explore the unique characteristics, advantages, and challenges faced by closed-end bond funds compared to their open-end counterparts, providing insights into their market function and investor appeal.
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