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Sunday, July 12, 2020 | History

2 edition of Greek closed-end fund premia found in the catalog.

Greek closed-end fund premia

Gikas A. Hardouvelis

Greek closed-end fund premia

differences and similarities with US premia and their implications

by Gikas A. Hardouvelis

  • 362 Want to read
  • 31 Currently reading

Published by Centre for Economic Policy Research in London .
Written in English


Edition Notes

StatementGikas A. Hardouvelis and Emmanuel D. Tsiritakis.
SeriesDiscussion paper series / Centre for Economic Policy Research -- No.1406
ContributionsTsiritakis, Emmanuel D., Centre for Economic Policy Research.
ID Numbers
Open LibraryOL18991512M

Closed-end fund data and statistics. Every weekend you get comprehensive data: NAV, market price, discount/premium, historical discount/premium, market returns and nav-returns for one week, ytd and 52 weeks, yield and volume.   Shares in Greece's eight listed closed-end funds traded at a discount to their underlying net asset value (NAV) in December, Association of Institutional Investors data showed on Monday. The Author: Reuters Editorial.

  At CEFA we consider three important details when doing a primary review of a closed-end fund (“CEF”). We track almost 50 data points per week per U.S.- listed CEF with “CEFA’s Closed-End Fund Universe Report” (CEFU). The key areas we suggest investors and investment professionals to monitor are: Entry Point Risk, Dividend Risk and NAV Performance. © Closed-End Fund Association, Inc. All Rights Reserved | Developed and Managed by SGI.

A closed-end fund is a publicly traded investment company and is legally defined as a closed-end company. Similar to a publicly traded company, they can raise capital through an initial public Author: Helen Simon. At the risk of sounding like a broken record we will once again mention the comfort that owning preferred stocks of closed end funds can bring an investor. We say that IN RESPECT TO DIVIDEND SAFETY. There is a time to own these and with rising interest rates this may not be the time UNLESS you are simply looking for a super safe income stream of %.


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Greek closed-end fund premia by Gikas A. Hardouvelis Download PDF EPUB FB2

GREEK CLOSED-END FUND PREMIA: AN EMPIRICAL INVESTIGATION I. Introduction Closed-end funds are companies traded in the stock market, whose assets are securities issued by other companies. Closed-end funds are special because, unlike other traded companies, their economic value, the so-called net asset value (NAV), is known with relative by: 1.

Downloadable (with restrictions). The prices of Greek closed-end funds behave similarly to the prices of US funds: they deviate substantially from their net asset values (NAVs); they are more volatile than their NAVs; and they are overly-sensitive to the movements of the domestic stock market index.

Furthermore, their premia are: (i) positively correlated cross-sectionally; (ii) positively. Key features to this handbook include appendices detailing all the closed-end funds available as of Septemberan explanation of the pros and cons of investing in closed-end funds in today's market, coverage of closed-end stock and bond funds and single country closed-end funds, commentaries by, and interviews of, some of the leading /5(4).

The Chemist's Quality Closed-End Fund Report, February A Few DxY Senior Loan Funds To Consider AFT, AIF, ARDC • Tue, Mar. 17, PM • Stanford Chemist • 10 Comments CEFs At Risk. Weekly Closed-End Fund Roundup, Febru Notes On BTZ, RQI And ASG ACP, ASG, BTZ • Mon, Mar.

2, AM • Stanford Chemist • 8 Comments BBN: Muni CEFs Not Immune To Risk-Off. Shares of closed-end funds frequently trade at a market price that is a discount to their NAV. Closed-end funds are subject to management fees and other expenses. The Closed-End Fund Screener may include closed-end funds not registered under the Investment Company Act of If a closed-end fund gets popular, then its shares often trade at a premium, meaning that the share price in the market is higher than the value per share of the fund's investments.

Herzfeld offers a useful handbook describing over closed-end mutual funds as well as various trading strategies for individual investors. Closed-end funds are traded on the major exchanges; a fixed number of shares are available because the fund raises its money all at once while open-ended funds raise their money by: 2.

The behaviour of these premia have often been attributed to individual investor sentiment. 1 Rational explanations of closed-end mutual fund premia have relied on taxes (Malkiel ()), fund. The Underperformance of Young Closed-End Funds in Greece.

some preference of unlisted-fund managers towards low book-to-market and Young Listed Greek Closed End Funds (See equation 12). "Greek Closed-End Fund Premia: Differences and Similarities with US Premia and Their Implications," CEPR Discussion PapersC.E.P.R.

Discussion Papers. Cited by: Stylianos X. Koufadakis, Please note: Closed end funds are subject to the risk of their underlying assets and investment strategy.

Unlike open end funds, closed end funds trade on an exchange at a price which is often a discount to their net asset value (NAV).

The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. In this scenario, a shareholder holds an equity based closed-end fund trading at a 15% discount.

If the market appreciates by 10% and the fund's discount narrows to. The Underperformance of Young Closed-End Funds in Greece results indicate that young CEFs trade at a premium for an average period of two years after their IPO a nd then turn to a discount. However, funds that are less than two years old (and consequently trade at a premium) underperform funds that are more than two years old (and.

A closed-end fund (CEF) or closed-ended fund is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund. Unlike open-end funds, new shares in a closed-end fund are not created by managers to meet demand from investors.

Instead, the shares can be purchased and sold only in the market, which is the original design of the mutual fund, which. Their streams of income have continued, and one of his picks, the Babson Capital Global Short Duration fund (ticker: BGH), paid a handsome extra distribution of. In the world of closed-end funds, what you see is not necessarily what you get.

A fund’s market price and NAV are seldom equal. Here’s why: When a closed-end fund is born, the company that launches the fund sells a certain number of shares to the public in exchange for cash to get the portfolio started. Guggenheim Investments Announces May Closed-End Fund Distributions: 5/1/ Fiduciary/Claymore Energy Infrastructure Fund May Commentary: 4/27/ GOF April Section 19A-1 Letter: 4/27/ GGM April Section 19A-1 Notice Letter: 4/27/ Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital.

For more detailed information on the distributions of a specific Fund, please visit the Fund sponsor's website.

makes data for the universe of closed-end funds available as a courtesy to its users. Example: Open/Closed-End Fund Suppose that an open-end income fund is opened to investors and issues 10 million shares at $10 each, raising $ million for the fund, which it subsequently invests Author: Daniel Myers.

The Athens Stock Exchange (ASE) Founded inthe Athens Stock Exchange (ASE) is a subsidiary of Hellenic Exchanges S.A., whose shares are also listed on the exchange and have an OTC listed ADR. Greek Stocks and Investing Resources. Here are some useful and mostly English news resources for investing in Greek ADRs or stocks or about Greece in general.

Shares in Greece's eight listed closed-end funds traded at a discount to their underlying net asset value (NAV) in March, Association of Institutional Investors data showed on Wednesday.

The. Some of the major closed-end fund issuers have done this, notably Nuveen with its myriad array of similar-sounding municipal funds. In any case, the illiquidity of closed-end funds tends to make Author: Randall Forsyth.