The Closed End Fund Discount
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| Author | : Seth Anderson |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 106 |
| Release | : 2013-04-17 |
| Genre | : Business & Economics |
| ISBN | : 1475736339 |
Download Closed-End Fund Pricing Book in PDF, Epub and Kindle
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.
| Author | : Elroy Dimson |
| Publisher | : |
| Total Pages | : 84 |
| Release | : 2002 |
| Genre | : Business & Economics |
| ISBN | : |
Download The Closed-end Fund Discount Book in PDF, Epub and Kindle
| Author | : Thomas J. Herzfeld |
| Publisher | : McGraw-Hill Companies |
| Total Pages | : 232 |
| Release | : 1980 |
| Genre | : Business & Economics |
| ISBN | : |
Download The Investor's Guide to Closed-end Funds Book in PDF, Epub and Kindle
| Author | : Albert J. Fredman |
| Publisher | : Prentice Hall |
| Total Pages | : 492 |
| Release | : 1991 |
| Genre | : Business & Economics |
| ISBN | : 9780135034910 |
Download Investing in Closed-end Funds Book in PDF, Epub and Kindle
This book is the only up-to-date comprehensive book on the subject written for investors as well as stock brokers and financial planners.
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| Publisher | : |
| Total Pages | : |
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Download Incomplete Information and the Closed-end Fund Discount Book in PDF, Epub and Kindle
We model the closed-end fund discount/premium in a version of Merton's (1978) asset pricing model with incomplete information. In this economy, investors trade only assets which they " know about" . The model generates a closed-end fund discount or premium, depending on risk-aversion parameters. The fund share price reverts to the net asset value on open-ending of the fund. The discount/premium is a result of two economic forces: (1) the fund manager's objective is to maximize expected utility of her fee income rather than the welfare of fund shareholders. Mis-alignment of objectives of the fund manager and shareholders results in discount/premium, and (2) for given risk aversion parameters, diversification benefits to investors determine the size of the discount/premium. Pontiff (1996) documents a positive relation between discounts and unhedgeable risk. This evidence along with other findings leads Pontiff to conclude that discounts appear to be a result of mispricing. Our model provides an alternative interpretation on the positive relation found by Pontiff based on the economic forces depicted above.
| Author | : Urbi Garay |
| Publisher | : |
| Total Pages | : |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Download The Closed-End Fund Discount Puzzle Book in PDF, Epub and Kindle
Academic research has focused specifically on the enigmatic behavior of closed-end fund discounts, known in the literature as the closed-end fund discount puzzle. The extant evidence suggests that closed-end funds are issued at a premia with respect to their net asset values but typically trade at discounts thereafter, that the average closed-end fund trades at a significant discount relative to its net asset value, that discounts fluctuate widely over time and also across funds, and that closed-end fund prices converge to their net asset values when they are either liquidated or open-ended. Some of the theories that have been advanced attempting to explain the puzzle are efficient market based explanations and the Investor Sentiment Hypothesis. None of the theories, either individually or collectively, provide a sufficient explanation for the pricing of closed-end funds and, therefore, the enigma continues.
| Author | : Sean Masaki Flynn |
| Publisher | : |
| Total Pages | : 416 |
| Release | : 2002 |
| Genre | : |
| ISBN | : |
Download A Model of the Discounts on Closed-end Mutual Funds, the Quantification Fo Investor Sentiment, and the Inability of Arbitrage to Force Closed-end Fund Share Prices to Par Book in PDF, Epub and Kindle
| Author | : Michael S. Rozeff |
| Publisher | : |
| Total Pages | : 20 |
| Release | : 2007 |
| Genre | : |
| ISBN | : |
Download Closed-End Fund Discounts and Premiums Book in PDF, Epub and Kindle
This paper reviews and analyzes five areas relating to closed-end funds. (1) Issues relating to the existence of closed-funds and why rational investors subscribe to new issues of them. A detailed set of model assumptions is examined in order to understand the basis for closed-end funds coming into existence. (2) The time-series properties of discounts. (3) The cross-sectional variation in closed-end fund discounts. (4) Issues of weak and semi-strong form efficiency. (5) Issues relating to the open-ending of closed-end funds.
| Author | : Gustavo Grullon |
| Publisher | : |
| Total Pages | : 66 |
| Release | : 2001 |
| Genre | : |
| ISBN | : |
Download Closed-End Fund Discounts with Informed Ownership Differential Book in PDF, Epub and Kindle
We develop a theoretical model to examine the closed-end fund discount. Our model identifies three causes for this phenomenon: (i) a self-fulfilling prophecy, (ii) a risk premium for the fund price risk, and (iii) a risk premium for informed ownership differential between the fund and its underlying assets. The model highlights the important role of asymmetric information between institutional and individual investors in explaining the discount and predicts a positive relationship between the discount and the quality of private information in the underlying assets. Using a sample of US equity closed-end funds, we test this prediction and find consistent evidence.
| Author | : Thomas J. Herzfeld |
| Publisher | : McGraw-Hill Companies |
| Total Pages | : 453 |
| Release | : 1993 |
| Genre | : Business & Economics |
| ISBN | : 9780070284357 |
Download Herzfeld's Guide to Closed-end Funds Book in PDF, Epub and Kindle
Closed-end funds continue to gain prominence as one of today's most popular vehicles for buying stocks and bonds. This text aims to provide individual investors and professionals with access to information on these funds.
