I think it depends mostly on what material(s) are used in it (different papers, linens, canvas, etc). This is one of my micarta-handled folders (actually A.G. Russell's proprietary 'Rucarta'), and it's pretty glossy & smooth. That being said, even it has a limit as to how shiny it gets by simple polishing alone (I've tried):
I'd imagine the coarseness / weave of the fabric itself probably makes the most difference.
David