The Closed End Fund Discount
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The Closed End Fund Discount
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Author : Elroy Dimson
language : en
Publisher:
Release Date : 2002
The Closed End Fund Discount written by Elroy Dimson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Closed End Fund Pricing
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Author : Seth Anderson
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Closed End Fund Pricing written by Seth Anderson and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
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.
The Investor S Guide To Closed End Funds
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Author : Thomas J. Herzfeld
language : en
Publisher: McGraw-Hill Companies
Release Date : 1980
The Investor S Guide To Closed End Funds written by Thomas J. Herzfeld and has been published by McGraw-Hill Companies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Business & Economics categories.
Closed End Funds Exchange Traded Funds And Hedge Funds
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Author : Seth Anderson
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-09-29
Closed End Funds Exchange Traded Funds And Hedge Funds written by Seth Anderson and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-29 with Business & Economics categories.
"Closed-End Funds, Exchange-Traded Funds, and Hedge Funds: Origins, Functions, and Literature is a concise and valuable book that will be of interest to individual investors, financial professionals, and academic researchers, alike. It provides a brief history and institutional discussion of these investment companies and also presents a summary of the research on these funds. Investment practitioners will find the book useful as a reference and as a quick refresher on the current state of knowledge regarding each fund type. Equally important, it provides academic researchers with an accurate institutional framework within which to cast their theoretical models, and a point of departure for expanding the empirical analysis for improving our understanding of these funds. All-in-all, this is a very valuable book; I highly recommend it." (John J. Jackson, Professor of Economics, Auburn University) "Professors Anderson, Born, and Schnusenberg provide a valuable service in this monograph. The practical significance of closed-end funds, exchange-traded funds, and hedge funds has increased dramatically in recent years, but all too many academics and investors know little about them. This text presents a carefully-focused and understandable description of these investment vehicles, highlighting the big, unresolved questions, while also including careful and fair accounts of the state of the literature. Nothing extraneous clutters the presentation, but, more importantly, nothing necessary is left out. Highly recommended." (T. Randolph Beard, Professor of Economics and Public Policy, Auburn University) "This book is both useful as a reference book and as an additive, educational overview of ETFs and hedge funds, as well as CEFs. In today’s tumultuous markets, much reference is made to these subjects without a clear understanding of the vehicles, their structure and their history. This is a very timely publication and should be viewed as an important read. The book contains definitive explanations and also includes an excellent summary of past works in this area. Readable, informative and highly useful as a reference source." (Kathleen A. Wayner, President and CEO, Bowling Portfolio Management)
Closed End Investment Companies
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Author : Seth Anderson
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Closed End Investment Companies written by Seth Anderson and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Closed-End Investment Companies (CEICs) were the dominant form of investment companies in the United States during the early part of this century, but interest in them declined after the 1929 stock market crash. Since 1985, however, there has been a significant revival of interest in CEICs. A substantial amount of academic research has focused on the nature of closed-end funds, discounts and premiums, and on the share price behavior of these firms, which often results in the prices differing from the net asset value of the shares. This book 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 that cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the academic literature on this topic, and summarize the current state of research on CEICs.
Closed End Fund Pricing
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Author : Seth Anderson
language : en
Publisher: Springer
Release Date : 2013-02-16
Closed End Fund Pricing written by Seth Anderson and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-16 with Business & Economics categories.
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.
Mutual Fund And Closed End Fund Investing
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Author : Harry Domash
language : en
Publisher: Pearson Education
Release Date : 2011-06-02
Mutual Fund And Closed End Fund Investing written by Harry Domash and has been published by Pearson Education this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-02 with Business & Economics categories.
This is the eBook version of the printed book. If you liked this Short, you might also like Fire Your Stock Analyst!: Analyzing Stocks On Your Own, 2nd Edition (9780137010233) by Harry Domash. Available in print and digital formats. Your short-and-sweet, quick-start guide to profiting from mutual funds and closed-end funds! First, I’ll describe a practical approach for quickly identifying market-beating mutual funds and then picking the cream of that crop. Next, I’ll identify mutual funds that make money in any market, good or bad. I’ll then tell you what you need to know about closed-end funds—and why you need to know it.
Investor Sentiment And The Closed End Fund Puzzle
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Author : Charles Lee
language : en
Publisher:
Release Date : 1990
Investor Sentiment And The Closed End Fund Puzzle written by Charles Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Capitalists and financiers categories.
This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts on the funds fluctuate together with prices of securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that discounts on closed end funds narrow when small stocks do well, as would be expected if closed end funds were subject to the same sentiment as small stocks, whim tern. also to be held by individual investors. The evidence thus suggests that investor sentiment affects security returns.
Recent Turmoil In Emerging Markets And The Behavior Of Country Fund Discounts
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Author : Mr.Charles Frederick Kramer
language : en
Publisher: International Monetary Fund
Release Date : 1995-07-01
Recent Turmoil In Emerging Markets And The Behavior Of Country Fund Discounts written by Mr.Charles Frederick Kramer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-07-01 with Business & Economics categories.
This paper argues that recent movements in closed-end emerging markets funds present a strong challenge to the leading explanations of the behavior of closed-end country fund prices. In particular, closed-end funds dedicated to Mexico and other Latin American stock markets developed large premia after the December 1994 devaluation of the Mexican peso and the subsequent financial crisis. The so-called “investor sentiment hypothesis” could explain these events only by suggesting that investors became very optimistic about emerging markets stocks, and especially Mexican stocks; this possibility seems unlikely given the facts surrounding the devaluation. We argue instead that a sensible explanation for recent dynamics of closed-end country funds is that investors in these funds are loss-averse, implying that they do not want to realize paper losses on their closed-end fund shares. This works to put a drag on the downward movement in closed-end fund prices.
A Rational Model Of The Closed End Fund Discount
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Author : Jonathan B. Berk
language : en
Publisher:
Release Date : 2004
A Rational Model Of The Closed End Fund Discount written by Jonathan B. Berk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Capitalists and financiers categories.
The discount on closed-end funds is widely accepted as proof of investor irrationality. We show,however, that a parsimonious rational model can generate a discount that exhibits many of the characteristics observed in practice. The only required features of the model are that managers have (imperfectly observable) ability to generate excess returns; they sign long-term contracts guaranteeing them a fee each year equal to a fixed fraction of assets under management; and they can leave to earn more money elsewhere if they turn out to be good. With these assumptions, time-varying discounts are not an anomaly in a rational world with competitive investors -- they are required.