Summarizes three explanations put forward in previous research for the deviation of closed‐end fund (CEF) share prices from their net asset values and tests the theories based on market sentiment (noise trading) and market segmentation (market frictions). Analyses 1991‐1997 data on 18 UK...

This study evaluates the practicability of style analysis in evaluating the risk‐adjusted performance of New Zealand's retail equity trusts. The size of the New Zealand market and the short history of data available generate doubts concerning the usefulness of style analysis under these...

This study provides some market based evidence on the usefulness of comprehensive income disclosures in a Statement of Changes in Equity (SCE). In particular, we focus on two 'dirty surplus' items - fixed asset revaluations and foreign currency translation adjustments - that are excluded from...