Essays about: "closed-end fund discount"

Showing result 1 - 5 of 9 essays containing the words closed-end fund discount.

1. 1. Beyond Borders: Exploring Investor Sentiment and CCEF Prices

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Ye Song Kim; Rouaa Kal Omar; [2023]
   Keywords : Closed-end country fund CCEF ; Investor Sentiment; Country Popularity;

   Abstract : We test the relationship between closed-end country funds (CCEFs) and their relationship with American investors' sentiments toward the respective home country of the funds during the years 2009 to 2021 which were met with adversaries such as COVID-19. Previous research regarding closed-end country funds was done in the 1990s and in the early 2000s, where the research discovered a positive relationship between CCEF price premiums and positive perception of a country. READ MORE

3. 2. 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

4. 3. Closed-End Funds and their Net Asset Value over time : A study of the relationship between Swedish closed-end funds' market prices and their underlying assets over a period of time.

   University essay from Jönköping University/IHH, Nationalekonomi

   Author : Erik Cederberg; Linus Schnitzer; [2020]
   Keywords : Closed-end fund; Net Asset Value; Mean Reversion; Closed-end fund discount; Stock market; Investment strategy; Cointegration; Error Correction;

   Abstract : Closed-end funds (CEFs) are popular investments amongst the Swedish population as they provide diversification to investors and have in many cases historically outperformed the market. In deciding whether to invest in a CEF, the method of valuation differs from classical financial ratios used to value most companies, as the revenue-bringing operations differ significantly. READ MORE

5. 4. 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

6. 5. Swedish Investment Companies and Behavioral Determinants of the Relative Valuation to NAV

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Mattias Svensson; Olle Boström; [2015]
   Keywords : Swedish investment companies; Closed-end fund discount; Noise traders; Behavioral finance;

   Abstract : The discount to Net Asset Value (NAV) in Swedish investment companies is a phenomenon that has been present for decades. This study aims to explain part of the discount valuation without taking firm-specific characteristics into consideration. Instead, we use several regression models where only market-wide behavioral arguments are used. READ MORE