Để kiểm tra additivity giá trị, nó là cần thiết để tìm thấy trường hợp giá tài sản có sẵn như là một gói và cho các thành phần riêng biệt. Một trường hợp là các quỹ đóng và một bộ phận của các công ty được tách-off | 378 SHORT SELLING AND MARKET EFFICIENCY Closed-End Funds and Spin-Offs To test value additivity it is necessary to find cases where prices of assets are available as a package and for the components separately. One case is closed-end funds and another is where divisions of firms are spun-off. A closed-end fund is an investment company that holds stock in other companies but does not offer continuously to redeem its shares at net-asset prices unlike a mutual fund . The prices of closed-end funds are set in the competitive markets in which they trade as are the prices of the stocks of the companies they hold. Usually closed-end funds sell at a substantial discount to their net asset values 48 a fact Brickley and Schallheim call an interesting anomaly. 49 A graph of the discounts from 1933 to 1982 shows only two periods with negative Similar puzzling discounts were found for dual-purpose Richards et al. found closed-end bond fund discounts of December 1979 .52 Malkiel proposed several possible explanations for these discounts but decides that none are adequate and eventually concluded the market was inefficient Thompson showed that profitable trading strategies The closed-end fund discount is contrary to the value additivity theory but is predicted by the divergence of opinion theory. An investor 48 See Thomas J. Herzfield The Investor s Guide to Closed-End Funds New York NY McGraw-Hill 1980 and Rex Thompson The Information Content of Discounts and Premiums on Closed-End Fund Shares Journal of Financial Economics June 1978 pp. 151-187. 49 James A. Brickley and James S. Schallheim Lifting the Lid on Closed-End Investment Companies A Case of Abnormal Returns Journal of Financial and Quantitative Analysis March 1985 p. 107. 50 William F. Sharpe Investments Englewood Cliffs N. J. Prentice Hall 1981 . p. 592. 51 See Robert H. Litzenberger and Howard B. Sosin The Theory of Recapitalizations and the Evidence of Dual Purpose Funds
