The Japanese Open‐End Fund Puzzle

The International Monetary Fund and Latin America: The Argentine Puzzle in Context

To understand what happened in Argentina we need to look to the economic reforms that nearly all Latin America undertook in the ’80s. Countries emerging from years of poverty and dictatorship were told that democracy and the markets would bring unprecedented prosperity. And in some countries, such as Mexico, the rich few have benefi ted. More broadly, though, economic performance has been disma...

Investor Sentiment and the Closed-end Fund Puzzle: Out-of Sample Evidence

In this paper we examine the proposition that small investor sentiment, measured by the change in the discount/premium on closed-end funds, is an important factor in stock returns. We conduct an out-ofsample test of the investor sentiment hypothesis in a market environment that is more likely to be prone to investor sentiment than the U.S.. We fail to provide supporting evidence of the claim of...

The Equity Premium Puzzle and the Risk-free Rate Puzzle

This paper studies the implications for general equilibnum asset pricing of a class of Kreps-Porteus nonexpected utility preferences characterized by a constant intertemporal elasticity of substitution and a constant, but unrelated, coefficient of relative risk aversion. It is shown that relaxing the parametric restriction on tastes imposed by the time-additive expected utility specification do...

The Hodgkins Fund Prizes

The MUTUAL FUND INDUSTRY