재무관리연구 (The Korean Journal of Financial Management)
- 제13권1호
- /
- Pages.311-340
- /
- 1996
- /
- 1225-0759(pISSN)
폐쇄형 투자신탁회사의 할인현상에 관한 실증연구
Empirical Evidence on Closed-End Mutual Fund Discounts
- Kim, Chang-Soo (Department of Business Administration, College of Commerce and Law, Yonsei University)
- 발행 : 1996.06.30
초록
This paper investigates the determinants of discounts on closed-end mutual funds. Empirical tests on a panel of closed-end mutual funds show that the magnitude of discounts seems to be unequal for different types of funds. I find strong evidence on tax-timing option effect even after controlling for other variables which have been theorized to be important in determining discounts on closed-end mutual funds. Also, the uncertainty about the value of underlying assets in the fund's portfolio has a significant influence on discounts.
키워드