Abstract
This article examines performance evaluation, performance persistence and discount of a sample of 33 closed-end funds in China. The results show that fund managers on average do not exhibit abilities to outperform the market. The performance of balanced funds is in generally better than that of growth funds. We also find some evidence on the performance persistence of market price returns but no evidence on the performance persistence of net asset value returns. The patterns of discount are similar to U.S. empirical results: most of the closed-end funds are initially traded at premiums, and traded at discounts after months. But we cannot isolate factors behind these patterns.