頁籤選單縮合
| 題 名 | An Empirical Study of Closed-end Funds and Open-end Funds |
|---|---|
| 作 者 | Qi, Howard; Alikakos, Maria; Cai, Yu; | 書刊名 | Academy of Taiwan Business Management Review |
| 卷 期 | 3:2 2007.08[民96.08] |
| 頁 次 | 頁49-56 |
| 分類號 | 563.538 |
| 關鍵詞 | |
| 語 文 | 英文(English) |
| 英文摘要 | Previous studies show that the managerial ability may be a driving force in the fund performance. Open-end and closed-end funds have different mechanisms for changes in investors’ beliefs about managerial ability. Open-end funds are forced to have their price equal to NAV each day and investors move their capital in and out of the fund, while closed-end funds adjust their returns. Some predict that closed-end fund managers are more likely to have established reputation. Taken together, if true, closed-end funds should on average exhibit better performance when risk and return are considered. Our empirical study aims at this issue head on. Our findings support the managerial-factor line of theories. |
本系統中英文摘要資訊取自各篇刊載內容。