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Unraveling the Closed-End Funds Pricing Puzzle

Unraveling the Closed-End Funds Pricing Puzzle
Author: Philip Russel
Publisher:
Total Pages: 26
Release: 2008
Genre:
ISBN:

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We review the empirical results and some of the important explanations that have been advanced for the anomalous pricing of closed-end funds and conclude that none of the theories, either individually or collectively provide a sufficient explanation for the pricing of closed-end funds and thus the puzzle remains unsolved. We investigate additional evidence on the pricing of closed-end funds using data from 1994:2002 by exploring the relationship between closed-end fund discount and five explanatory variables. The results suggest that there is significant relationship between fund discount and fund family.


Closed-End Fund Pricing

Closed-End Fund Pricing
Author: Seth Anderson
Publisher: Springer Science & Business Media
Total Pages: 124
Release: 2002
Genre: Business & Economics
ISBN: 9780792376347

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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 Closed-End Fund Discount Puzzle

The Closed-End Fund Discount Puzzle
Author: Urbi Garay
Publisher:
Total Pages:
Release: 2008
Genre:
ISBN:

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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.


Mutual Funds

Mutual Funds
Author: John A. Haslem
Publisher: John Wiley & Sons
Total Pages: 384
Release: 2009-10-08
Genre: Business & Economics
ISBN: 047053091X

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An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.


Crises, Contagion, and the Closed

Crises, Contagion, and the Closed
Author: Mr.Angel J. Ubide
Publisher: International Monetary Fund
Total Pages: 55
Release: 1998-09-01
Genre: Business & Economics
ISBN: 1451856318

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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.


IMF Staff Papers, Volume 47, No. 1

IMF Staff Papers, Volume 47, No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 168
Release: 2000-01-01
Genre: Business & Economics
ISBN: 1451974582

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This paper discusses the origins of the pyramid schemes and the way the authorities handled them. The paper analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes’ collapse, their direct effects on the economy are difficult to specify and appear to have been limited. The paper also argues that prevention of pyramid schemes is better than cure and that government and international financial institutions should be vigilant in clamping down on frauds.


The Closed-end Fund Discount

The Closed-end Fund Discount
Author: Elroy Dimson
Publisher:
Total Pages: 84
Release: 2002
Genre: Business & Economics
ISBN:

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When the Brain Can't Hear

When the Brain Can't Hear
Author: Teri James Bellis
Publisher: Simon and Schuster
Total Pages: 372
Release: 2003-07-22
Genre: Education
ISBN: 9780743428644

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In the first book on the subject for lay readers, an esteemed Auditory Processing Disorder expert--and sufferer--gives people the tools they need to spot and fight it.


The Financial Crisis Inquiry Report

The Financial Crisis Inquiry Report
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
Total Pages: 692
Release: 2011-05-01
Genre: Political Science
ISBN: 1616405414

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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.


Warped Passages

Warped Passages
Author: Lisa Randall
Publisher: Harper Collins
Total Pages: 782
Release: 2009-10-21
Genre: Science
ISBN: 0061981230

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The universe has many secrets. It may hide additional dimensions of space other than the familier three we recognize. There might even be another universe adjacent to ours, invisible and unattainable . . . for now. Warped Passages is a brilliantly readable and altogether exhilarating journey that tracks the arc of discovery from early twentieth-century physics to the razor's edge of modern scientific theory. One of the world's leading theoretical physicists, Lisa Randall provides astonishing scientific possibilities that, until recently, were restricted to the realm of science fiction. Unraveling the twisted threads of the most current debates on relativity, quantum mechanics, and gravity, she explores some of the most fundamental questions posed by Nature—taking us into the warped, hidden dimensions underpinning the universe we live in, demystifying the science of the myriad worlds that may exist just beyond our own.