1. Since then, new issuances have become as common as liquidations of existing CEFs; the total numbers have not changed much. It is my belief that CEFs are here to stay and that new "waves" will continue to arrive because closed-end funds are an important organizational form; it will be utilized when relative liquidity is an issue, leverage (or credit) is an issue, and the need for large investment in human and other capital in fund management is an issue. To wit, see the burgeoning REIT industry and the arrival of exchangetraded funds;Historically;CEFs have gone in and out of fashion and were issued in waves separated by long periods of inactivity. For example, 1929 was one of the wave years: More than 40 new CEFs were issued in September 1929 alone (see DeLong & Shleifer,1929
2. The role of boards of directors in corporate governance: a conceptual framework and survey;R B Adams;J. Econ. Lit,2010
3. Payout policy;F Allen;Handbook of the Economics of Finance,2003
4. The Agency Effect of Repurchases on Closed-End Funds;J An;European Financial Management,2012
5. Locked up by a lockup: valuing liquidity as a real option;A Ang;Financ. Manag,2010