# A paper by Prof. Edwin Elton on closed-end funds is highlighted

1 January 17, 2012 Smartmoney ![](/sites/default/files/styles/246w/public/assets/images/con_030943.jpg?itok=_uNI2o6o)>

Excerpt from [SmartMoney](http://www.smartmoney.com/invest/mutual-funds/what-to-look-for-when-buying-closedend-funds-1326831204728/) -- "\[[Elton](http://www.stern.nyu.edu/faculty/bio/edwin-elton)\] reckons the existence of closed-end funds is owed mostly to their effective use of leverage. "

[Read more](http://www.smartmoney.com/invest/mutual-funds/what-to-look-for-when-buying-closedend-funds-1326831204728/)