Neoclassical Finance, Alternative Finance and the Closed End Fund Puzzle

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A Liquidity-Based Theory of Closed-End Funds (2009, methodology): “Both the Pástor and Stambaugh (2003) measure of aggregate liquidity, liq level2, and the Sadka (2006) measure of aggregate illiquidity, variable component, are priced liquidity factors.”
Managerial Ability, Compensation, and the Closed‐End Fund Discount (2007, background): “Gemmill and Thomas (2002) and Ross (2002a) show that if the fund pays out a fraction γ to investors each year and pays fractional management fees of δ each year, the discount is 5 δ γ + δ .”
Activist arbitrage: A study of open-ending attempts of closed-end funds (2010, background): “Studies by Barclay, Holderness and Pontiff (1993), Ross (2002), Berk and Stanton (2007), and Cherkes, Sagi, and Stanton (2008) emphasize the agency problem between outside shareholders and managers and insiders as the source of CEF discounts.”
Arbitrage Crashes and the Speed of Capital (2012, unknown): “Shleifer and Vishny (1997) discuss problems associated with this solution.”