On the contrary, closed-end funds in general are actually overvalued and greater discounts are necessary in most cases to bring their prices closer to their fair values. A valuation model for closed-end fund is developed in this paper using the constant growth model and the CAPM. The model ...
Closed-End Equity Funds: Betting on Discounts and Premiums. Examines the discounts and premiums on closed-end funds. Data description; Methodology; Findings of the study; Conclusion. Cakici,Nusret - 《Journal of Investing》 被引量: 15发表: 2000年 Multi-person games for parimutuel betting on ...
Chen N. F., Kan R., Miller M.H. (1993), Are the discount on closed-end funds a sentiment index?, The Journal of Finance, vol. 48, n. 2, 785-900.Chen;Naifu;Raymond;K;Merton;H;M.Are the discounts on closed-end funds a sentiment index?.The Journal of Finance.1993...
INVESTOR TAX-TRADING OPPORTUNITIES AND DISCOUNTS ON CLOSED-END MUTUAL FUNDS opportunitiessecuritiesinvestorsdiscountscorrelationsDiscounts on closed-end mutual funds are a puzzle to financial economists, because arbitrage activities should ... Chang-Soo,Kim - 《Journal of Financial Research》...
“While mostCEFcategories had positive returns on the year and have seen discounts reduced, certain sectors and select funds still trade at larger than average discounts, which could present a good long-term entry point,” concludes BlackRock. ...
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 ...
This article presents a mathematical model for explaining the premiums and discounts to net asset value for closed-end funds. The model does not require (1) constraining assumptions about the underlying price, liquidity, and volatility paths of securities held in the funds, or (2) differential ma...
Risks associated with investing in closed-end end funds generally include market risk, leverage risk, risk of anti-takeover provisions and non-diversification. In addition, shares of many closed-end funds frequently trade at a discount from their net asset value....
2025 Saba has been waging activist campaigns in the U.S., where the firm invests in closed-end funds trading at steep discounts and then pressures the funds’ managers to close the gap. Robert Olsen, Forbes, 18 Dec. 2024 The rollout of the open-gangway cars has been slow, with the ...
Saba has been waging activist campaigns in the U.S., where the firm invests inclosed-endfunds trading at steep discounts and then pressures the funds’ managers to close the gap.— Robert Olsen,Forbes, 18 Dec. 2024The rollout of the open-gangway cars has been slow, with the bulk of the...