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...... In his description of the NAV model, Droms (1997) reports that, Book value represents the value at which an asset is carried on the company's balance sheet (the books). Stated alternatively, assuming that all assets could be sold at book value and all current liabilities paid off, the net asset value, or book value, represents the dollar value of the remaining assets that would be available to pay off each class of security in order of its preference in liquidation-first bonds, then preferred stock, then common stock (p. 35). In this regard, in his book, Inefficient Markets: An Introduction to Behavioral Finance, Shleifer (2000) reports that, A closed end fund, like the more popular open end fund, is a mutual fund which typically holds other publicly traded securities. Unlike an open end fund, however, a closed end fund issues a fixed number of shares that are traded on the stock market. To liquidate a holding in a fund, investors must sell their shares to other investors rather than redeem them with the fund itself for the net asset value (NAV) per share as they would with an open end fund (p. 53). The so-called closed end fund puzzle describes

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