Shared more. Cited more. Safe forever.
    • advanced search
    • submit works
    • about
    • help
    • contact us
    • login
    View Item 
    •   MOspace Home
    • University of Missouri-Columbia
    • Graduate Studies - Theses and Dissertations (MU)
    • Theses and Dissertations (MU)
    • Dissertations (MU)
    • 2006 Dissertations (MU)
    • 2006 MU dissertations - Access restricted to MU
    • View Item
    •   MOspace Home
    • University of Missouri-Columbia
    • Graduate Studies - Theses and Dissertations (MU)
    • Theses and Dissertations (MU)
    • Dissertations (MU)
    • 2006 Dissertations (MU)
    • 2006 MU dissertations - Access restricted to MU
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.
    advanced searchsubmit worksabouthelpcontact us

    Browse

    All of MOspaceCommunities & CollectionsDate IssuedAuthorAuthor/ContributorTitleSubjectIdentifierThesis DepartmentThesis AdvisorThesis SemesterThis CollectionDate IssuedAuthorAuthor/ContributorTitleSubjectIdentifierThesis DepartmentThesis AdvisorThesis Semester

    Statistics

    Most Popular ItemsStatistics by CountryMost Popular AuthorsStatistics by Referrer

    Essays on closed end funds: disclosure, discounts and performance

    McCormick, Gary Paul, 1953-
    View/Open
    [PDF] public.pdf (13.04Kb)
    [PDF] short.pdf (12.28Kb)
    [PDF] research.pdf (3.827Mb)
    Date
    2006
    Format
    Thesis
    Metadata
    [+] Show full item record
    Abstract
    [ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] Closed end funds provide a unique asset class for academic research due to that fact that they typically trade at a price different from the Net Asset Value (NAV). This is known as the discount. The first essay examines that voluntary change from weekly to daily NAV reporting. Surprisingly, this additional information generates greater information asymmetry. This supports the theory that a skilled subset of investors can exploit public information by processing it into private information and/or opinion. The result is that these funds are riskier, have greater transaction costs. The second essay examines the hypothesis that discount is the price investors are willing to pay for future performance. Earlier work found that the hypothesis is true for equity funds but not bond funds. The findings here are that the relation has changed over time. The hypothesis now holds for international funds (bond and equity) but not domestic funds.The third essay studies the timing ability of fixed income closed end fund managers. Fund flows may hamper (open) mutual fund managers' performance. Fixed income portfolio management should be more an issue market and interest timing due to the fact that bonds of the same characteristics (yield, duration, coupon and credit rating) are close substitutes. The findings are of no timing ability, but also, no evidence of the perverse that is common in the literature.
    URI
    http://hdl.handle.net/10355/5854
    Degree
    Ph. D.
    Thesis Department
    Business administration (MU)
    Rights
    Access is limited to the campus of the University of Missouri-Columbia.
    Collections
    • 2006 MU dissertations - Access restricted to MU
    • Finance electronic theses and dissertations (MU)

    Send Feedback
    hosted by University of Missouri Library Systems
     

     


    Send Feedback
    hosted by University of Missouri Library Systems