The discounts on closed–end mutual funds may be partially attributed to Bayesian learning in a noisy rational expectations equilibrium. When the individual error is removed from private signals of informed agents, and random supp...
网络封闭型基金折价程度 网络释义 1. 封闭型基金折价程度 ...究的依据是考虑了重要因素的现行指标,这些指标包括:封闭型基金折价程度(closed-end fund discounts)、IPO首日交易 … www.knowledgeatwharton.com.cn|基于9个网页 例句
Closed-end fund (CEF) discounts and premiumsWhatever the reason for a CEF's discount or premium pricing, it is crucial that CEF investors realize that discounts and premiums exist.Morningstar CEFs have an underlying portfolio of securities. From this portfolio, a net asset value (NAV) can be...
These early writers were involved in brokerage or portfolio management, and they were warning investors that paying premiums of 100% or more was to pay twice or more the market value for the fund's assets. The writers were puzzled by the demand for closed-end funds and were quick to point...
noise trading may explain closed-end fund discounts and small firms' returns, since these markets are less competitive than the market for large firms' ... F Palomino - 《Journal of Finance》 被引量: 302发表: 1996年 A Rational Model of the Closed-End Fund Discount The discount on closed-...
This article provides empirical support for the theory that closed-end fund discounts reflect expected investment performance. Evidence is presented to explain how equity closed-end fund initial public offerings (IPOs) can sell at a premium when existing funds sell at a discount and why the initial...
Closed-endFundDiscountsandIndividualInvestorTradingRonKaniel,GideonSaar,andLeiYuPreliminaryandincomplete.Pleasedonotquoteordistribute.Thisversion:October2006RonKanielisfromtheFaquaSchoolofBusiness,DukeUniversity.GideonSaarisfromtheJohnsonGraduateSchoolofManagement,CornellUniversity.LeiYuisfromtheMendozaCollegeofBusiness,...
In addition, the model provides predictions regarding the correlation between current closed-end fund discounts and current changes in stock prices and future changes in corporate productivity. As the analysis shows the same parameter values that lead to systematic discounts also lead to other fund ...
Exchange-traded funds (ETFs), like closed-end funds (CEFs), are managed portfolios traded like individual stocks. We hypothesize that the introduction of an ETF in an asset class similar to an existing CEF results in a substitution effect that reduces the value of the CEF's shares relative ...
turnoverIt is well-known that the level of closed-end fund discounts appears to predict the corresponding fund's future returns. We further document that... BG Malkiel,Y Xu - 《Social Science Electronic Publishing》 被引量: 28发表: 2005年 Understanding Closed-End Fund Puzzles-A Stochastic Tur...