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An increasing number of investors are becoming more and more aware of the benefits of diversification in terms of expected returns and risks. These investors are looking to international investing as a method of reducing risk. Because of the perceived benefits, Closed‐end (Country) Funds are becoming more popular with investors (Logue, 1982; Bonser‐Neal, 1990; Gould, 1990; Fadiman, 1990; Eun, 1991).
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1993
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