Essays about: "Closed-end fund puzzle"

Showing result 1 - 5 of 6 essays containing the words Closed-end fund puzzle.

1. 1. Listed Property Company Valuation

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Marcus Runström; Ludvig Eksandh; [2022]
   Keywords : Listed Swedish property companies; Closed-end fund puzzle; Noise trader model; NAV premium and discount; Property company valuation;

   Abstract : Among stock market participants, the existence and persistence of deviations between a property company's market capitalization and Net Asset Value are well-recognized. This deviation has a clear link to the premiums and discounts to NAV of closed-end funds, which is referred to as the closed-end fund puzzle in financial economics. READ MORE

3. 2. Explaining the NAV Discount in REIT pricing - Evidence from the U.S.

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Jerry Aaltonen; Bowen Li; [2019]
   Keywords : REITs; Dynamic relationship; NAV discount; Closed-end fund puzzle; United States;

   Abstract : This paper investigates the relationship between stock price and net asset value (NAV) for 71 real estate investment trusts (REITs) in the U.S. between Q1/1998 and Q4/2018. More specifically, by testing for cointegration, we look for evidence of a long-term equilibrium between stock price and NAV. READ MORE

4. 3. The Closed-End Investment Company NAV Deviation Puzzle: What does the Industry Reveal?

   University essay from Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

   Author : Max Odqvist; Jesper Warén; [2017]
   Keywords : NAV; NAV Deviations; Investment Company; Closed-End Fund;

   Abstract : This study of net asset value deviations ("NAV deviations") is conducted with a qualitative method to find explanations for NAV deviations by testing the entrenchment of current theories in Swedish investment companies. The study was conducted through a total of 15 interviews with representatives from investment companies, equity research analysts and fund managers. READ MORE

5. 4. The Discount Delusion - The Swedish Closed-End Fund Premium Puzzle

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Tommy Chen; Christer Tour; [2013]
   Keywords : Closed-End Funds; Discounts; Persistence; Sweden; Efficient Market Hypothesis;

   Abstract : The final piece to the Closed-End Fund Puzzle has long eluded researchers and practitioners alike. Many attempts have been made in order to explain the existence of persistent discounts on their net asset values with varying results that sometimes outright contradict each other. READ MORE

6. 5. Abnormal Returns in Closed-End Funds: A study on Industrivärden

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Mandus Håkansson; Oscar Skog; [2010]
   Keywords : closed-end fund puzzle; abnormal returns; behavioral finance; discount; investor groups;

   Abstract : With a starting point in previous research on the Closed-End Fund Puzzle we look at data on Industrivärden’s portfolio and stock from 1996 to 2009. We find that an investment in Industrivärden has produced annualized excess returns of 3.31 percent above the returns of its holdings for the period 1996 to 2009. READ MORE