The discount to net asset values that characterizes closed-end funds has intrigued finance practitioners and scholars for many years. The authors of this monograph survey more than 100 empirical and theoretical studies of closed-end funds to analyze the explanations given for the discount and draw out the implications. In addition to reviewing the theoretical research, the authors review the evidence on opportunities for exploiting the discount, such as IPO arbitrage. The authors not only summarize old and new evidence but also provide pointers for future research.