The Post-Offering Price Performance of Closed-End Funds
The Post-Offering Price Performance of Closed-End Funds

Author: Kathleen Weiss Hanley

Publisher:

Published: 2009

Total Pages:

ISBN-13:

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This study documents the price behavior of closed-end funds after an initial public offering. The comparison of aftermarket price performance of closed-end funds with a control sample of similar size equity IPOs indicates that closed-end funds, on average, underperform other initial public offerings. IPOs of U.S. stock and foreign stock closed-end funds experience significant losses in value. An examination of institutional holdings of IPOs of closed-end funds indicates that individual investors are most affected by the substantial decline.

Closed-End Fund Pricing
Closed-End Fund Pricing

Author: Seth Anderson

Publisher: Springer Science & Business Media

Published: 2013-04-17

Total Pages: 106

ISBN-13: 1475736339

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Closed-End Investment Companies (CEICs) have experienced a significant revival of interest, both as investment vehicles and as the subject of academic research, over the past decade. This academic research has focused on the nature of closed-end funds' discounts and premiums and on the share price behavior of these firms. The first book by the authors, "Closed-End Investment Companies: Issues and Answers," addresses closed-end fund academic articles published prior to 1991. This second book addresses those articles that have appeared since that time. Closed-End Fund Pricing: Theories and Evidence is designed for the academic researcher interested in CEICs and the practitioner interested in using CEICs as an investment vehicle. The authors summarize the evolution of CEICs, present the factors thought to cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the recent academic literature on this topic, and summarize the current state of research on CEICs.

Closed-End Investment Companies
Closed-End Investment Companies

Author: Seth Anderson

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 146

ISBN-13: 9401129622

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Closed-End Investment Companies (CEICs) were the dominant form of investment companies in the United States during the early part of this century, but interest in them declined after the 1929 stock market crash. Since 1985, however, there has been a significant revival of interest in CEICs. A substantial amount of academic research has focused on the nature of closed-end funds, discounts and premiums, and on the share price behavior of these firms, which often results in the prices differing from the net asset value of the shares. This book is designed for the academic researcher interested in CEICs and the practitioner interested in using CEICs as an investment vehicle. The authors summarize the evolution of CEICs, present the factors that cause CEIC shares to trade at different levels from their net asset values, provide a complete survey of the academic literature on this topic, and summarize the current state of research on CEICs.

Marketing Closed-End Fund Ipos
Marketing Closed-End Fund Ipos

Author: Terry Nixon

Publisher:

Published: 2005

Total Pages:

ISBN-13:

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Various studies argue that underwriting fees are excessive and investment bankers prolong the price stabilization period in aftermarket trading of closed-end fund (CEF) shares. The poor performance of these funds also raises questions about the financial sophistication of IPO buyers.In this study, we examine these issues for a sample of international stock CEFs. Our findings indicate that underwriting fees are not excessive relative to industrial issues, and we do not find that investment bankers prolong the stabilization period to camouflage the underwriting cost. Our findings are consistent with earlier studies that discounts contribute significantly to the poor performance during the first six months of aftermarket trading.

The Internationalization of Equity Markets
The Internationalization of Equity Markets

Author: Jeffrey A. Frankel

Publisher: University of Chicago Press

Published: 2008-04-15

Total Pages: 428

ISBN-13: 0226260216

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This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.

Herzfeld's Guide to Closed-end Funds
Herzfeld's Guide to Closed-end Funds

Author: Thomas J. Herzfeld

Publisher: McGraw-Hill Companies

Published: 1993

Total Pages: 453

ISBN-13: 9780070284357

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Closed-end funds continue to gain prominence as one of today's most popular vehicles for buying stocks and bonds. This text aims to provide individual investors and professionals with access to information on these funds.