The Closed End Fund Discount 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 The Closed End Fund Discount PDF full book. Access full book title The Closed End Fund Discount.
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 | : J. David Stein |
Publisher | : McGraw-Hill Education |
Total Pages | : 272 |
Release | : 2019-10-23 |
Genre | : Business & Economics |
ISBN | : 9781260453867 |
Download Money for the Rest of Us: 10 Questions to Master Successful Investing Book in PDF, ePub and Kindle
Learn how to protect and grow your wealth with this commonsense guide to investing You manage your own money. You understand the basics of investing and diversifying your portfolio. Now it’s time to invest like a pro for greater profits—with investment expert David Stein, host of the popular weekly podcast, “Money for the Rest of Us.” He’s created a unique ten-question template that makes it easy for individual investors like you to: • Invest more confidently • Feel less overwhelmed • Build a stronger portfolio • Avoid costly mistakes • Plan and save for retirement Despite what many people believe, you don’t need to be an expert to be a successful investor. With Stein as your personal money mentor, you’ll learn how to make smarter, more informed decisions that can help reduce your risk and increase your gains by following a few simple rules for analyzing any investment. This is how the professionals grow their wealth and how you can, too. This is Money for the Rest of Us.
Author | : Burton G. Malkiel |
Publisher | : |
Total Pages | : 40 |
Release | : 2005 |
Genre | : |
ISBN | : |
Download The Persistence and Predictability of Closed-End Fund Discounts Book in PDF, ePub and Kindle
It is well-known that the level of closed-end fund discounts appears to predict the corresponding fund's future returns. We further document that such predictability decays slowly. The popular explanations, including the tax effect, investor sentiment risk, and the funds's dividend yield, do not fully account for the observed predictability. At the same time, discounts are very persistent especially on an aggregate level. Using an AR(1) model for discounts, we demonstrate that such predictability is largely due to persistence in discounts. Our calibration exercise can produce most characteristics of an aggregate equity close-end fund index over the ten year period from 1993 to 2001. A cross-sectional study links discount persistence to rational factors such as dividend yield, unrealized capital gains, and turnover. In addition, we document a second independent source for predicting fund returns from large stock portfolio returns. This suggests that the well-known lead lag relationship between large stocks and small stocks also exists between NAV returns and fund returns. Finally, we find no evidence for quot;excess volatilityquot; on the aggregate level both for conditional and unconditional volatility.
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.
Author | : |
Publisher | : |
Total Pages | : |
Release | : |
Genre | : |
ISBN | : |
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 | : 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.