Ebook: Closed-End Fund Pricing: Theories and Evidence

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.

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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.

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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.
Content:
Front Matter....Pages i-xii
An Introduction to Investment Companies....Pages 1-5
A Brief Overview of the Closed-End Fund Industry....Pages 7-9
Content Summaries of Volumes One and Two....Pages 11-16
Closed-End Fund Discounts as an Investor Sentiment Index....Pages 17-32
Closed-End Country Funds and International Diversification Benefits....Pages 33-47
Other Efforts to Explain Closed-End Fund Discounts....Pages 49-60
Idiosyncratic Closed-End Fund Studies....Pages 61-75
Summary of Findings....Pages 77-85
Conclusion....Pages 87-88
Back Matter....Pages 89-101

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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.
Content:
Front Matter....Pages i-xii
An Introduction to Investment Companies....Pages 1-5
A Brief Overview of the Closed-End Fund Industry....Pages 7-9
Content Summaries of Volumes One and Two....Pages 11-16
Closed-End Fund Discounts as an Investor Sentiment Index....Pages 17-32
Closed-End Country Funds and International Diversification Benefits....Pages 33-47
Other Efforts to Explain Closed-End Fund Discounts....Pages 49-60
Idiosyncratic Closed-End Fund Studies....Pages 61-75
Summary of Findings....Pages 77-85
Conclusion....Pages 87-88
Back Matter....Pages 89-101
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