Closed-End Fund Pricing: Theories and Evidence

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Springer Science & Business Media, 2002 - Business & Economics - 101 pages
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Closed-End Investment Companies (CEICs) have experienced a significant revival of interest, both as investment vehicles and as the subject of academic research, over the past decade. This academic research has focused on the nature of closed-end funds' discounts and premiums and on the share price behavior of these firms. The first book by the authors, "Closed-End Investment Companies: Issues and Answers," addresses closed-end fund academic articles published prior to 1991. This second book addresses those articles that have appeared since that time.
Closed-End Fund Pricing: Theories and Evidence is designed for the academic researcher interested in CEICs and the practitioner interested in using CEICs as an investment vehicle. The authors summarize the evolution of CEICs, present the factors thought to cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the recent academic literature on this topic, and summarize the current state of research on CEICs.
 

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Contents

AN INTRODUCTION TO INVESTMENT COMPANIES
1
A BRIEF OVERVIEW OF THE CLOSEDEND FUND INDUSTRY
7
CONTENT SUMMARIES OF VOLUMES ONE AND TWO
11
CLOSEDEND FUND DISCOUNTS AS AN INVESTOR SENTIMENT INDEX
17
CLOSEDEND COUNTRY FUNDS AND INTERNATIONAL DIVERSIFICATION BENEFITS
33
OTHER EFFORTS TO EXPLAIN CLOSEDEND FUND DISCOUNTS
49
IDIOSYNCRATIC CLOSEDEND FUND STUDIES
61
SUMMARY OF FINDINGS
77
CONCLUSION
87
REFERENCES
89
Index
97
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About the author (2002)

Seth Anderson is a Professor of Finance with expertise in Investments/International Finance at the University of North Florida. He has served as a research consultant for several large pension plans including EIDupont. He also served as an expert witness work in the area of portfolio management. He is the author of Mutual Funds: Fifty Years of Research Findings, Closed-End Fund Pricing: Theories and Evidence, Initial Public Offerings: Findings and Theories, and Closed End Investment Companies: Issues and Answers. He has also authored more than forty articles published in Journal of Financial Research, Financial Services Review, Journal of Behavioral Economics, Financial Analysts Journal, Journal of Portfolio Management among others. His research findings have been cited in Barrona (TM)s, Business Week, CBS Radio News, Forbes, Money, Mutual Fund Magazine, The Wall Street Journal, and other national and local media.

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