A closed end fund is a mutual fund which holds other publicly traded securities.

Closed end funds typically sell shares at a price significantly different to that of the market value of these shares.This is called "The Closed End Fund Puzzle".

a)What are the implications of "The Closed End Fund Puzzle" in terms of market efficiency? Why?

b) Would financial analysis have any value for a publicly traded stock in a perfectly efficient market? Why/Why not?