منابع مشابه
Closed-end Fund Discounts and Interest Rates:
Previous papers find no relationship between interest rates and the discounts of US closed-end funds before 1985. This is taken as evidence against management fees being a cause of discounts because a negative relationship is expected: if interest rates rise, you would expect to see discounts fall as the present value of future fees is reduced. But from 1985 forward, there has been a strong pos...
متن کاملClosed-end Fund Discounts and Individual Investor Trading
This paper investigates the individual investor trading in both closed-end funds and individual stocks. By examining the short-horizon dynamic relation between net individual investor trading of closed-end funds and the fund discounts, we find evidence consistent with the notion that both the level and the changes in close-end fund discounts are good proxies for individual investor sentiment. U...
متن کاملThe Persistence and Predictability of Closed-End Fund Discounts
It is well-known that the level of closed-end fund discounts appears to predict the corresponding fund’s future returns. We further document that such predictability decays slowly. The popular explanations, including the tax effect, investor sentiment risk, and the funds’s dividend yield, do not fully account for the observed predictability. At the same time, discounts are very persistent espec...
متن کاملClosed - End Fund Discounts with Informed Ownership Differential
We develop a multi-asset trading model to examine the closed-end fund discount. The model shows that the discount can arise if the quality of private information in the underlying assets is sufficiently better than in the fund. The model also indicates that a discount (premium) can arise if the excessive volatility of the fund dominates (is dominated by) the fund’s diversification benefit. More...
متن کاملPortfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Mangers∗
Despite the large body of research on closed-end fund discounts, the existing literature has surprisingly little to say about how the labor market for closed-end fund managers works and to what extent fund managers are disciplined by the fund’s internal governance system. At the same time, research on the relation between closedend fund discounts and managerial performance generally ignores the...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Business & Economics Research (JBER)
سال: 2014
ISSN: 2157-8893,1542-4448
DOI: 10.19030/jber.v12i4.8862