封闭式基金折价的驱动因素是什么？来自 COVID-19 的证据

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Financial Management Pub Date : 2023-12-11 DOI:10.1111/fima.12441

Liang Ma

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引用次数: 0

摘要

本文研究了美国 COVID-19 大流行对封闭式基金（CEF）折价的影响。我的研究表明，COVID-19 大流行病在美国爆发后，封闭式基金的折价率上升了，而个人投资者的情绪却下降了。此外，散户持股比例较高的 CEF 折扣增幅更大，这表明个人投资者情绪是造成 CEF 折扣的潜在因素。进一步的分析表明，这一发现似乎不太可能是由理性渠道或收入驱动的火热销售推动的。总之，研究结果利用一种新的环境揭示了中欧基金折价之谜。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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What drives closed-end fund discounts? Evidence from COVID-19

This paper investigates the impact of the onset of the COVID-19 pandemic in the United States on closed-end fund (CEF) discounts. I show that CEF discounts increased after the onset of the COVID-19 pandemic in the United States, while individual investor sentiment declined. Furthermore, CEFs with higher retail ownership had a larger discount increase, which suggests that individual investor sentiment is a potential contributor to CEF discounts. This finding seems less likely to be driven by rational channels or income-driven fire sales, as shown by further analysis. Overall, the results shed light on the CEF discount puzzle using a new setting.

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来源期刊

Financial Management BUSINESS, FINANCE-

CiteScore

6.00

自引率

0.00%

发文量

期刊介绍： Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.