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Based on investor sentiment study of closed-end fund discount

Author: PengZhiXin
Tutor: ZhangHanSong
School: Guizhou University
Course: Business management
Keywords: Closed-end fund discount behavioral finance investor sentiment
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 49
Quote: 0
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Abstract


As a common phenomenon, the existence of discount of closed-end funds can be found not only in the well-developed capital market of those western countries, but also in China. It is regarded as an enigma in the realm of finance with explorative discussions aroused from different aspects by scholars both at home and abroad. This article first reviewed the the previous research results and the existing theoretical analysis, introduced simply the related behavior finance theory, summed up several theories to explain the phenomenon which is the discount on closed-end funds.After an analysis on statistical characteristics of discount on China’s closed-end funds,it carried on the theoretical analysis and the empirical analysis from the behavior finance by using the Investor Sentiment theory .The data based on China’s closed-end funds which was listed in Shanghai and Shenzhen captital market before 2001.First of all,the study has a conclusion that the level of the discount on different close-ended fund has a strong correlation through the sample funds and the discount structure. Secondly, the close-ended fund has selects when goes on the market.When new fund going on the market, it will choose oneself to have the fund giving a quite low discount. Thirdly, the small-cap stocks and the discount of closed-end funds does not exist reverse relation.Finally, according to behavioral finance theory and empirical test results,it is concluded that Investor Sentiment is a factor in the transaction in China,but not an important factor. It needs further study.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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