Mispricing Explanations of Closed-End Funds: A Survey Review

Artikel

The aim of this survey is to review the most prevailing developments regarding the existence of the closed-end funds' discounts and premiums and the factors which generate them. Despite the plethora of academic research conducted in order to reach a generally accepted explanation of the closed-end fund puzzle based on both the traditional and the behavioral approaches, particular attention is still required to be payed to the pricing of closed-end funds in the academic literature to date. As the divergence between the closed-fund market prices and their fundamental values offers great challenges to a possible interpretation, this study summarizes a set of conclusions that can help researchers and practitioners study better this financial asset category. This paper is organized as follows: Section 1 summarizes the basic reference for closed-end funds; Section 2 captures the different theories on the existence of closed-end fund puzzle; Section 3 analyzes the theories of discount according to the main traditional interpretations; Section 4 reviews the explanation of discounts taking into account the investor behavior arguments; Section 5 deals with closed-end funds in the international financial environment; and Section 6 provides the conclusions.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: SPOUDAI - Journal of Economics and Business ; ISSN: 2241-424X ; Volume: 66 ; Year: 2016 ; Issue: 1/2 ; Pages: 108-135 ; Piraeus: University of Piraeus

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Financial Markets: General (includes Measurement and Data) ; Asset Pricing; Trading Volume; Bond Interest Rates ; Financial Institutions and Services: General
• Thema: Closed-end funds ; discounts/premiums

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Koufadakis, Stylianos X.
• Ereignis: Veröffentlichung
• (wer): University of Piraeus
• (wo): Piraeus
• (wann): 2016

Weitere Informationen

• Handle: http://hdl.handle.net/10419/169180
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ