We are investigating whether conditioning information affect the performance of UK investment trusts to detect superior performance. Our results suggest that simple unconditional constant models that are used are not valid and are misspecified and biased to measure and evaluate the performance...

We are evaluating the performance of UK investment trusts that are traded in the UK financial market over the period 1990 to 2006. The investment trusts are ranked based on their return, standard deviation, coefficient of variation, Sharpe, Treynor and Jensen risk adjusted returns. The different...

In this paper, we are evaluating performance persistence using Jensen's alpha risk adjusted measures and Sharpe ratio. Our results suggest that investment trusts on average underperform the benchmark indices by 45 basis points per year. Many studies find evidence of performance persistence...

Performance persistence in the investment literature was a major area of investigation for both academics and practitioners for more than 2 decades. The results from various U.K open – end mutual funds studies are mixed and there is no enough statistical evidence of performance persistence in...

The existing literature of performance persistence of UK investment trusts is limited. We are going to use a sample of 210 UK investment trusts to test performance persistence in different time periods. Berk and Green (2004) suggests that performance persistence and managerial skill are limited...

This article examines UK investment trusts using a sample of 210 investment trusts from the period 1990 to 2006. The sample is free of survivorship bias. We find evidence of long-term managerial positive persistence. Performance is measured by Jensen's alpha based on regression models such as...

As businesses worldwide enter the twenty-first century, they face a bundle of risks almost unimaginable just 10 years ago. E-commerce has become an integrated part of our daily life with amazing speed. Anyone with a PC can disseminate information widely and quickly. A business that cannot manage...

Discount persistence explanation from a behavioural point of view is a new area of research for both academics and practitioners. The interactions of both arbitrageurs and noise traders during the life of the fund will enable us to detect the effect of discount persistence based on an investor...

The bubble theory is controversial to the efficient market hypothesis. According to the efficient market hypothesis there is no asset mispricing. All information is incorporated into the asset prices and there are no deviations from the fundamental value. The NAV price of the closed-end funds...

This article provides an explanation of the fluctuations and persistence of excess discount return in the UK and the US. On average, Guirguis six - factor model can explain 67% of the variation in the excess discount return in the UK market by taking into consideration the market effect, size,...