Risk, Managerial Skill and Closed-EndFund Discounts

Empirical evidence from the UK market is brought to bear on recent theories of closed-endfund discounts. Market pricing of skill, relative to the fees charged for it, accounts for asignificant portion of discount variation, but cannot explain the rarity of index funds orwhy they trade at a discount. Index funds have lower discount volatility. Discount risk ismuch more systematic on international than on domestic funds...

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Year of publication:	2008-09-01
Authors:	Bleaney, Michael F. ; Smith, Richard Todd
Institutions:	University <Nottingham> / Department of Economics
Subject:	Investitionsrisiko \| Fachwissen \| expert knowledge \| Vermögensverwaltung \| fund management \| Abwertung \| Fund Discounts

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Extent:	97280 bytes 23 p. application/pdf
Series:	The University of Nottingham / School of Economics - discussion papers Discussion PaperNo. 08/10
Type of publication:	Book / Working Paper
Language:	English
Classification:	F30 - International Finance. General ; G12 - Asset Pricing ; Financial theory ; Procurement of capital ; Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005868572