Prior Performance and Closed-End Fund Discounts

In open-end funds, net inflows are positively correlated with past performance. This study investigates how past net asset value (NAV) returns affect the premium on closed-end funds traded in the United States and the United Kingdom. Past performance is significantly priced in stock funds, although NAV returns are persistent only for bond funds.

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Year of publication:	2003-09-01
Authors:	Bleaney, Michael F. ; Smith, Richard Todd
Institutions:	University <Nottingham> / Department of Economics ; University <Calgary, Alberta> / Department of Economics
Published in:	The University of Nottingham / School of Economics - discussion papers Discussion PaperNo. 03/16
Subject:	Preis \| Gewinn \| Diskont \| discount \| Wert \| value

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Extent:	892928 bytes 39 p. application/pdf
Type of publication:	Book / Working Paper
Language:	English
ISSN:	1360-2438
Classification:	G12 - Asset Pricing ; Financial theory ; Procurement of capital ; Individual Reports, Studies ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005868815