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Author : James N. Bodurtha
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)
Download or read book Closed-end Country Funds and U.S. Market Sentiment written by James N. Bodurtha and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James N. Bodurtha
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Closed-End Country Funds and U.S. Market Sentiment, Mitsui Life Financial Research Center written by James N. Bodurtha and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The premiums on closed-end country funds tend to move in tandem, but do not move together with premiums on domestic closed-end funds. After controlling for foreign market fundamentals, changes in the stock price of country funds co-move with U.S. market returns, but changes in their net asset values do not. An index of changes in country fund premiums explains cross-sectional stock returns in the U.S. market. Collectively, these findings suggest U.S. stock prices are affected by market-wide sentiments which are reflected in closed-end country fund premiums.
Author : Seth Anderson
Publisher : Springer Science & Business Media
ISBN 13 : 1475736339
Total Pages : 106 pages
Book Rating : 4.4/5 (757 download)
Download or read book Closed-End Fund Pricing written by Seth Anderson and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : John Eric Richard
Publisher :
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.3/5 (129 download)
Download or read book Closed-end Country Funds written by John Eric Richard and published by . This book was released on 1999 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xingtong Chen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (643 download)
Download or read book Closed-end Country Funds and US Market Sentiment written by Xingtong Chen and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Charles Frederick Kramer
Publisher : International Monetary Fund
ISBN 13 : 1451848951
Total Pages : 30 pages
Book Rating : 4.4/5 (518 download)
Download or read book Recent Turmoil in Emerging Markets and the Behavior of Country-Fund Discounts written by Mr.Charles Frederick Kramer and published by International Monetary Fund. This book was released on 1995-07-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Woojin Hahn
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.3/5 (129 download)
Download or read book A Study of the Price and Volatility of Closed-end Country Fund Shares and Net Asset Value written by Woojin Hahn and published by . This book was released on 1993 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mary H. Fletcher
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (141 download)
Download or read book UK Closed-end Country Funds written by Mary H. Fletcher and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis we investigate the relation between UK closed-end country fund pricing and measures of illiquidity, sentiment and segmentation. First, we examine whether the UK closed-end country fund premium is related to the illiquidity of the UK fund or the illiquidity of the country in which the fund invests. We also consider whether emerging market country funds behave differently in terms of their premium and illiquidity to developed market country funds, and in particular whether they offer more stability during the period of the recent financial crisis. Overall, we find country illiquidity plays a significant role in the premium of emerging market funds. However, in developed market funds country illiquidity is not significant. Fund illiquidity, in contrast, is significant for developed market funds but not for emerging market funds. Second, we analyse the effect of sentiment on the pricing of UK closed-end country funds between 1992 and 2009. We find that country consumer sentiment is significantly negatively related to the share price and NAV (net asset value) return over different time horizons. We also find that UK consumer sentiment is significantly negatively related to the closed-end fund premium. The results suggest that both institutional investors and so called 'discount traders' influence country fund pricing. Third, we examine the effect of time-varying direct investment barriers on the pricing of UK closed-end country funds in emerging markets. We focus on the post-liberalisation period (1993-2009) and analyse the relation between time varying measures of direct and indirect market segmentation. We find that the direct measures of capital market segmentation are significantly negatively related to both the share price return and the return on the NAV of UK closed-end country funds in emerging markets. We also find, however, that direct investment barriers have an insignificant effect on the premium.
Author : Elroy Dimson
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.E/5 ( download)
Download or read book The Closed-end Fund Discount written by Elroy Dimson and published by . This book was released on 2002 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mario Levis
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Country Funds and Investor Sentiment written by Mario Levis and published by . This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article provides support for the notion of investor sentiment using the population of U.K.- and U.S.-traded closed-end country funds. Despite the different shareholder profiles, we find marked similarities in the timing of U.K./U.S. country fund IPOs and in the pricing structure of U.K.- and U.S.-traded funds. Using U.K. data, we document strong evidence of a robust relation between individual-investor money flowing into U.K. mutual funds and a narrowing in the discount of U.K.-traded country funds. There is no evidence of a link between the level of the discount and institutional investor activity.
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Author : Angela R. Bansal
Publisher : Ann Arbor, Mich. : University Microfilms International
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.:/5 (472 download)
Download or read book Pricing of Closed-end Country Funds [microform] : Effect of Investor Sentiment, Market Segmentation and Local Market Factors written by Angela R. Bansal and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 2000 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
ISBN 13 : 1451856318
Total Pages : 55 pages
Book Rating : 4.4/5 (518 download)
Download or read book Crises, Contagion, and the Closed written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1998-09-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the behavior of closed-end country fund discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the “closed-end country fund puzzle.” Our results show that the puzzle relates directly to the fact that international investors are less (more) sensitive to changes in local (global) market conditions than domestic investors. This asymmetry implies that foreign participation in local markets can both help dampen a crisis in the originating country, and amplify the contagion to noncrisis countries.
Author : Charles Lee
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 ( download)
Download or read book Investor Sentiment and the Closed-end Fund Puzzle written by Charles Lee and published by . This book was released on 1990 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : John Richard (Dick) Davies
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (13 download)
Download or read book Does Sentiment Predict UK Closed-End Country Fund Pricing? written by John Richard (Dick) Davies and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether foreign country consumer sentiment influences the pricing of closed-end country funds. It links the literature on investor sentiment and stock returns to the literature on sentiment and closed-end fund pricing. Using foreign country consumer sentiment indices, we examine the effect of sentiment on the pricing of UK closed-end country funds between 1992 and 2009. We find that foreign country consumer sentiment is a significant negative predictor of the share price and net asset value return over different time horizons. Our findings suggest that UK closed-end country funds are a good vehicle for diversification because their share prices reflect foreign market sentiment more than UK market sentiment.
Author : Thomas J. Herzfeld
Publisher : McGraw-Hill Companies
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.3/5 (512 download)
Download or read book The Investor's Guide to Closed-end Funds written by Thomas J. Herzfeld and published by McGraw-Hill Companies. This book was released on 1980 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas J. Herzfeld
Publisher : McGraw-Hill Companies
ISBN 13 : 9780070284357
Total Pages : 453 pages
Book Rating : 4.2/5 (843 download)
Download or read book Herzfeld's Guide to Closed-end Funds written by Thomas J. Herzfeld and published by McGraw-Hill Companies. This book was released on 1993 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Charles Kramer
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)
Download or read book Recent Turmoil in Emerging Markets and the Behavior of Country-Fund Discounts written by Charles Kramer and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 quot;investor sentiment hypothesisquot; 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.
