analysis of chinas closed-end fund discount and investment value（分析中国的封闭式基金折价和投资价值）.docVIP

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analysis of chinas closed-end fund discount and investment value（分析中国的封闭式基金折价和投资价值）.doc

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analysis of chinas closed-end fund discount and investment value（分析中国的封闭式基金折价和投资价值）

Analysis of China’s closed-end fund discount and investment value Abstract: The closed-end fund discount phenomenon is trading in the financial sector, a Gordian fans, the world’s attempts to economics experts from a variety of angles for this strange phenomenon to find a reasonable explanation, but so far have not any kind of explanation can be truly convincing. overview of the research in this area abroad to explain the efficient market theory and behavioral finance for the closed-end fund discount puzzle explained, describing the phenomenon of China’s closed-end fund discount status, and in this based on the discussion of our closed-end funds in a variety of conditions, investment opportunities may exist. Keywords: closed-end fund; discount; investment value A literature review 1.1 Traditional finance theory to explain Of the traditional closed-end fund discount phenomenon is primarily based on financial theory to explain the basis of market efficiency hypothesis, if markets are efficient, then the fund should be equal to the intrinsic value of the unit share of the net assets of the fund, the fund should be commensurate with the price of the transaction basically the same unit value. (1) agency cost theory. That the Fund’s discount because of the high cost of fund management or fund portfolio mismanagement caused the Fund’s daily operational needs of the costs, if the fund’s management fees are too high or the management of the Fund’s future performance is lower than the market average, then Fund prices should be lower than its NAV. Boudreaux (1973) suggested that if the fund’s management fees are too high, or investors expect the management of the Fund’s future performance is lower than the market average, it will cause the Fund’s discount. Kumar and Noronha (1992) empirical test of the administration costs and the relationship between fund discount, also found that the management fees and fund significant relationship between the disc