The discount on closed-end funds is widely accepted as proof of investor irrationality. We show, to the contrary, that a very simple parsimonious rational model can generate a discount that exhibits the behavior observed in practice. The only required features of the model are that managers have (imperfectly observable) ability to generate excess returns; they sign long-term contracts guarantee...

the concept of business model has attracted increasing attention in recent years. specifically, growing number of internet providers on mobile phones are challenged by the selection of appropriate business model. considering the importance of a good business model in the firm’s success, this research investigates the business models selection process of internet providers on mobile phones in ir...