| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3465 |
| 来源ID | Working Paper 3465 |
| Investor Sentiment and the Closed-End Fund Puzzle | |
| Charles Lee; Andrei Shleifer; Richard Thaler | |
| 发表日期 | 1990-10-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts on the funds fluctuate together with prices of securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that discounts on closed end funds narrow when small stocks do well, as would be expected if closed end funds were subject to the same sentiment as small stocks, whim tern. also to be held by individual investors. The evidence thus suggests that investor sentiment affects security returns. |
| 主题 | Financial Economics ; Industrial Organization |
| URL | https://www.nber.org/papers/w3465 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560760 |
| 推荐引用方式 GB/T 7714 | Charles Lee,Andrei Shleifer,Richard Thaler. Investor Sentiment and the Closed-End Fund Puzzle. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3465.pdf（545KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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