With a view to trade at discounts of closed-end funds, this paper tries to answer what is the character of the closed-end fund discount in Chinese market.

针对封闭式基金折价交易现象，本文解释我国封闭式基金折价交易的表现特征。

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Closed-end fund discount is a puzzle which perturbs many people, for it violates the efficient market hypothesis and challenges the modern financial theory.

封闭型基金折价是一个一直困扰人们的难解之谜，它违背了有效市场假说，是对现代金融理论的一种挑战。

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However, because of the special operation environment, China closed-end fund discount has its own characteristics different from that of foreign countries, which deserve further research.

而我国的封闭式基金因为运行环境的特殊性，存在着许多有别于国外封闭式基金的特点，值得深入的研究。

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If you choose a closed-end fund trading at a discount to its net asset value, you might also get some capital appreciation, says Maury Fertig, chief investment officer at Relative Value Partners LLC, Northbrook, Ill.

WSJ: Face Your (Investment) Fears

Special Offer: RMR Asia Pacific Real Estate (RAP) a closed-end fund trading at a 21% discount to NAV.

FORBES: Bank of America and Citigroup: If the Mob Comes After Money Centers, Are You Holding the Bag?

All things being equal, you want to buy a closed-end fund that trades at a wide discount and operates with low overhead.

FORBES: Playing the Latin rebound