Closed-end funds, exchange-traded funds, and hedge funds: by Seth Anderson, Jeffery A. Born, Oliver Schnusenberg

By Seth Anderson, Jeffery A. Born, Oliver Schnusenberg

Closed-End money, Exchange-Traded cash, and Hedge cash: Origins, capabilities, and Literature is a concise and necessary booklet that might be of curiosity to person traders, monetary pros, and educational researchers, alike. It presents a short heritage and institutional dialogue of those funding businesses and likewise offers a precis of the examine on those money. funding practitioners will locate the e-book precious as a reference and as a short refresher at the present country of information concerning each one fund variety. both very important, it presents educational researchers with a correct institutional framework in which to forged their theoretical versions, and some extent of departure for increasing the empirical research for bettering our figuring out of those cash. All-in-all, it is a very important e-book; I hugely suggest it.
John J. Jackson
Professor of Economics
Auburn University

Professors Anderson, Born, and Schnusenberg supply a worthy provider during this monograph. the sensible value of closed-end cash, exchange-traded cash, and hedge money has elevated dramatically lately, yet all too many lecturers and traders comprehend little approximately them. this article provides a carefully-focused and comprehensible description of those funding automobiles, highlighting the large, unresolved questions, whereas additionally together with cautious and reasonable debts of the nation of the literature. not anything extraneous clutters the presentation, yet, extra importantly, not anything priceless is omitted. hugely steered.
T. Randolph Beard
Professor of Economics and Public Policy
Auburn University

This booklet is either valuable as a reference e-book and as an additive, academic evaluation of ETFs and hedge cash, in addition to CEFs. In today’s tumultuous markets, a lot reference is made to those matters with out a transparent realizing of the automobiles, their constitution and their historical past. this can be a very well timed book and may be seen as a big learn. The publication includes definitive reasons and in addition contains an outstanding precis of previous works during this sector. Readable, informative and hugely priceless as a reference source.
Kathleen A. Wayner
President and CEO
Bowling Portfolio administration

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Extra info for Closed-end funds, exchange-traded funds, and hedge funds: origins, functions, and literature

Sample text

They identify reorganization announcement dates for ten of the 16 funds and examine return and discount behavior around the dates. After rejecting the null hypothesis of no abnormal returns at the 1% level of significance, they conclude that discounts are not based solely on accounting phenomenon and that the market price of the funds prior to announcement is substantially below the liquidating value of the fund. They examine the return behavior of funds, with management-sponsored proposals to reorganize, from the last day of the announcement month until the termination of the funds’ closed-end status.

This evidence is consistent with the hypothesis that the market prices out the capture of the discount, but there is no evidence of an additional signaling effect. They expand the analysis of the announcement effect and find that fund size and pre-announcement trading volume fail to improve the explanatory power of the model. In addition, the authors find no evidence that the repurchase reduces the discount below what would be predicted by the repurchase of the shares and capture of the discount.

Individual closed-end fund managers, industry analysts, and academics offer a number of motivations for the open-market repurchase of closed-end fund (CEIC) shares. If the purchase takes place while the shares are selling at a discount to net asset value (NAV), the act will enhance the NAV of the remaining shares through the capture of the discount. In addition, some argue that the repurchase signals the true value of the fund’s shares. The authors employ a sample of 27 open-market repurchase announcements by closed-end funds in the period 1986–1995.

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