Closed-End Fund Pricing: Theories and Evidence
Springer Science & Business Media, 2002 - Business & Economics - 101 pages
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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AN INTRODUCTION TO INVESTMENT COMPANIES
A BRIEF OVERVIEW OF THE CLOSEDEND FUND INDUSTRY
CONTENT SUMMARIES OF VOLUMES ONE AND TWO
CLOSEDEND FUND DISCOUNTS AS AN INVESTOR SENTIMENT INDEX
CLOSEDEND COUNTRY FUNDS AND INTERNATIONAL DIVERSIFICATION BENEFITS
OTHER EFFORTS TO EXPLAIN CLOSEDEND FUND DISCOUNTS
IDIOSYNCRATIC CLOSEDEND FUND STUDIES
SUMMARY OF FINDINGS
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Act of l940 Andrei Shleifer Arak arbitrage asset value NAV authors argue authors conclude authors examine authors find authors report average discount behavior bond funds capital markets CECF changes in closed-end closed-end country funds closed-end fund discounts closed-end fund IPOs closed-end fund shares closed-end funds CEICs correlation discounts on closed-end diversification benefits dividend Economics efficient frontier EMCFs emerging market equity funds estimate evidence excess returns Explain Closed-End Fund factors financial assets foreign investors fund share price fund's portfolio impact income institutional ownership international diversification investor sentiment hypothesis January effect Journal of Financial Malkiel management fees market index municipal bond net asset value noise traders noise-traders open-end funds option period Pontiff positive relation predict premium regression restricted stock returns to shareholders returns to small sample securities Shleifer small investors stock funds stockholders systematic risk target market tax-timing trading rule U.S. investors U.S. market returns variability volatility