Further Evidence On Closed End Country Fund Prices And International Capital Flows PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Further Evidence On Closed End Country Fund Prices And International Capital Flows PDF full book. Access full book title Further Evidence On Closed End Country Fund Prices And International Capital Flows.
Author | : George Nishiotis |
Publisher | : |
Total Pages | : 38 |
Release | : 2004 |
Genre | : |
ISBN | : |
Download Further Evidence on Closed-End Country Fund Prices and International Capital Flows Book in PDF, ePub and Kindle
This paper establishes a direct link between country fund premiums and international capital flows in six out of ten emerging markets and in two out of seven developed markets examined. In the absence of investment barriers and capital market segmentation there would be no such relationship. This relationship is explored to derive an intuitive measure of segmentation that accounts for investment barriers and does not rely on a specific asset pricing model. The paper finds that most emerging markets are segmented, but som exhibit a clear trend towards integration, whereas most developed countries do not exhibit any evidence of segmentation. The paper also shows that the process towards capital market integration is gradual, takes time, and can be reversed.
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 | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 500 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226241807 |
Download International Capital Flows Book in PDF, ePub and Kindle
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author | : Mr.R. Gelos |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2011-04-01 |
Genre | : Business & Economics |
ISBN | : 1455253316 |
Download International Mutual Funds, Capital Flow Volatility, and Contagion – A Survey Book in PDF, ePub and Kindle
Gaining a better understanding of the behavior of international investors is key for informing the debate about the optimal response to capital flows and about reforms to the international financial architecture. In this context, recent research on the behavior of international mutual funds at the micro level has expanded our knowledge about the drivers of portfolio flows and the mechanisms behind the transmission of financial shocks across countries. This paper provides a brief survey of this literature, with a focus on the empirical evidence for emerging markets. Overall, the behavior of international mutual funds is complex and overly simplistic characterizations are misleading. However, there is broad-based evidence for momentum trading among funds. Moreover, funds tend to avoid opaque markets and assets, and this behavior becomes more pronounced during volatile times. Portfolio rebalancing mechanisms are clearly important in explaining contagion patterns, even in the absence of common macroeconomic fundamentals. From a surveillance point of view, this implies that monitoring the exposures of large investors at a micro level is crucial to assess vulnerabilities.
Author | : Dunhong Jin |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2019-11-01 |
Genre | : Business & Economics |
ISBN | : 1513519492 |
Download Swing Pricing and Fragility in Open-end Mutual Funds Book in PDF, ePub and Kindle
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Author | : Warren Bailey |
Publisher | : |
Total Pages | : |
Release | : 1998 |
Genre | : |
ISBN | : |
Download Foreign Ownership Restrictions and Equity Price Premiums Book in PDF, ePub and Kindle
We study the impact of barriers to international capital flows with stock price data from eleven countries whose capital markets features shares restricted to locals and otherwise identical unrestricted shares to foreigners. Large price premiums for unrestricted shares relative to otherwise identical restricted shares are typically observed. Although basic notions of international asset pricing offer straightforward explanation for the price premiums, we find little evidence that the premiums are explained by lower foreign required returns. Alternative concepts and theories centering on investor demand, sentiment, and information availability are more successful in explaining the time-series and cross-section of price premiums. More specifically, premiums for unrestricted shares are positively correlated with international mutual fund flows, matching closed-end country fund premiums, national credit ratings, and coverage of companies by global publications.
Author | : Woojin Hahn |
Publisher | : |
Total Pages | : 284 |
Release | : 1993 |
Genre | : Investments |
ISBN | : |
Download A Study of the Price and Volatility of Closed-end Country Fund Shares and Net Asset Value Book in PDF, ePub and Kindle
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 | : Seth Anderson |
Publisher | : Springer |
Total Pages | : 102 |
Release | : 2013-02-16 |
Genre | : Business & Economics |
ISBN | : 9781475736342 |
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 | : Theodosis L. Kallenos |
Publisher | : |
Total Pages | : 47 |
Release | : 2019 |
Genre | : |
ISBN | : |
Download The Information Content of Single Country Closed-End Fund Discounts Book in PDF, ePub and Kindle
Using monthly data from 1996 to 2018 for the universe of single country closed-end funds, we study the information content of fund discounts/premiums. Unlike previous studies, we find that discounts/premiums forecast both share price (SP) and net asset value (NAV) returns. Additional tests show that the fund discounts/premiums contain information about future macroeconomic factors of their corresponding countries. We also find a strong association between expectations of future macroeconomic conditions and the difference in NAV and SP returns. Our results provide direct evidence for the presence of fundamental information in closed-end country fund discounts/premiums, consistent with international capital market segmentation.