Time-varying investment barriers and closed-end country fund pricing

Richard Davies, Mary Fletcher, Andrew Marshall

Research output: Contribution to journalArticlepeer-review

106 Downloads (Pure)

Abstract

We examine the effect of time-varying investment barriers on the pricing of UK closed-end country funds. We find that a direct measure of capital market segmentation is significantly negatively related to both country fund stock return and Net Asset Value (NAV) return of the fund, but there is no relation to the premium. Also we find some evidence of a positive relation for one of our indirect barriers (inflation variability) and price, NAV and premium. Overall our results support an information hypothesis of the impact of investment barriers on closed-end fund pricing.
Original languageEnglish
Pages (from-to)66-71
Number of pages6
JournalFinance Research Letters
Volume21
Early online date10 Jan 2017
DOIs
Publication statusPublished - 31 May 2017

Fingerprint

Dive into the research topics of 'Time-varying investment barriers and closed-end country fund pricing'. Together they form a unique fingerprint.

Cite this