Asymmetrical information theory does not explain the closed-end fund IPO premium, neither with the hot issue period hypothesis.Only uninformed investors purchasing hypothesis makes a good explanation.

• 首先，IPO溢价方面，信息不对称理论尚无法很好解释，热销期假说也没有较强的说服力，唯一可以信服的理论是不知情购买者假说。