G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w3465
来源IDWorking 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
URLhttps://www.nber.org/papers/w3465
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/560760
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GB/T 7714
Charles Lee,Andrei Shleifer,Richard Thaler. Investor Sentiment and the Closed-End Fund Puzzle. 1990.
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