Dissertation > Excellent graduate degree dissertation topics show

The Analysis of the Influence of the Close-ended Fund’s Open-ending on the Fund’s Performance

Author: PuMeiZuo
Tutor: XuJiaGen
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Open and closed-end funds Fund Performance Evaluation Closed-end funds expire programs Sharp index DEA method
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 35
Quote: 0
Read: Download Dissertation

Abstract

In March 1998, China's first batch of securities investment funds \This is the first standardized exchange-listed closed-end funds, China promulgated the Interim Measures for the Administration of Securities Investment Fund (1997) \Subsequently, the Interim Measures for the Administration of Securities Investment Fund (1997), \A traditional (non-innovative) As of August 2002 the last closed-end funds - Fund Yinfeng \. Starting in 2006 the existence of the limitation of the duration of the closed-end funds, closed-end funds in China one after another facing problems due. Closed-end funds maturing maturity options attracted the attention of all parties in the market. August 2006, the first only closed-end funds due - \Subsequently, the Fund with Chile \From the view of China's current status of open to closed-end funds, open scheme are the following. ⑴ direct transformation, that the abolition of the duration of the restrictions of the Fund, to change the secondary market transactions, the mode of operation of the closed-end funds into open-end fund works directly. May lead to redemption risk due to the direct transformation program, to avoid direct transformation program a strong impact on the stock market and the fund itself, the gradual transformation program as a supplement directly transformed into an open-end fund programs there, and the first implementation of the open transformation closed-end funds - funds Societe Generale \On the current situation, the direct transformation is the most widely used open scheme. As of December 31, 2007, closed-end funds have chosen to direct the transformation plan has reached 13, accounting for 60.87% of the total number of closed-end funds open transformation completed. (2) converted to listed open-end fund (LOF). One hand, the program can be curbed investor redemptions motivation habits secondary market operations, on the other hand can also ease investor redemptions motivation for some sort of relief funds, fund net secondary market prices in order to achieve the docking an opportunity to provide a \Second only complete open transformation of closed-end funds - funds with wisdom \As of December 31, 2007, has been selected to transition to closed-end funds LOF program has reached seven, accounting for 30.43% of the total number of closed-end funds open transformation completed. ⑶ merger transition, that one or a few closed-end fund with an existing open-end fund merger, or a few closed-end funds are merged into a new open-end fund. The program avoids single closed-end fund small-scale transformation facing redemption pressure situation is conducive to maintaining the stability of the fund size. The Penghua Fund's Jijinpuhua, and Jijinpurun is our only choice of closed-end funds for the opening up of the program. As can be seen, in our country, without exception, all closed-end funds issue facing maturity have opted for the implementation of an open transformation. This is mainly formed by China's current policy orientation preference for open-end funds, closed-end fund discount is too high and closed-end fund holders and promote a variety of factors working together. Open of closed-end funds only what is not a closed-end fund, or the best program it expire? Analysis from a theoretical point of view, the open-end funds than closed-end funds can reduce the possibility of adverse selection and moral hazard, can effectively reduce transaction costs, the fund run more efficiently. However, due to the open-end funds facing redemption pressure, and therefore can not like closed-end funds, according to advance planning for long-term investment, are detrimental to the long-term performance improvement. Thus, the present domestic and international comparative study of closed-end funds and open-end fund that both the IMF forms have their own advantages and disadvantages. From view on foreign closed-end funds open empirical studies, the markets and investors on the open of closed-end funds hold a positive attitude. From the domestic situation, the current study is to stay on a comparative analysis of the closed-end funds and open-end fund performance. Few closed-end funds open due to the limitations of the objective conditions, merely in the theoretical analysis of the stage, there is no open and closed-end funds and specific realities. From the start of 2006, the market environment in China has undergone great changes, one after another closed-end funds into open-end funds. This article will focus on the analysis of the impact of closed-end funds open based on fund performance, from an empirical point of view, to discuss the open-end fund is better than closed-end funds, closed-end funds open is the best solution after the expiration of the closed-end fund programs that seek to compensate for the empirical blank. Completed Open Transition to the 14 closed-end funds (as of June 30, 2007), based on different empirical methods in the theory of closed-end funds open based on fund performance analysis inspection the market impact of the open attitude of open to closed-end funds and closed-end funds based on fund performance. On the one hand, the paper by examining announced the implementation of the the open transformation after the closed-end fund's discount rate changes and abnormal changes in the rate of return, examines the market for closed-end funds open attitude. The other hand, the the Sharp index and data envelopment analysis (DEA) to compare the performance before and after the closed-end funds open and closed-end funds open of whether it is conducive to the improvement of the performance of the Fund as well as the open scheme fund performance impact. This paper is divided into five parts Empirical Analysis of closed-end funds open based on the performance of the Fund. The first chapter is the Introduction section introduces the research background, significance, domestic and international literature review, the logical structure and research methods. Through the study of literature at home and abroad, the contrast obtained closed-end funds and opening up of China is still a relatively new area of ??research, and the academic study of closed-end funds open only limited to theoretical analysis stage. Closed-end funds open although with the development of our fund investments caused widespread concern in the community, but limited by the objective conditions in China, China has not yet closed-end funds open based on the performance of the Fund empirical analysis. The second chapter introduces the concept of closed-end funds and open-end funds, characteristics and differences, as well as closed-end funds open concept and programs. Chapter analyzed from a theoretical point of closed-end funds open based on the performance of the Fund. Analysis of three aspects, principal-agent theory, transaction cost theory, the liquidity cost theory. By theoretical analysis, we can see the open of closed-end funds have a positive effect to increase the Fund's efficiency, but it may lose the advantage of the Fund's investments. The fourth part is the entire focus of the article, the main innovation lies in the entire article. Chapter First, by analyzing the closed-end funds announced discount rate changes, open transformation abnormal returns and cumulative abnormal rate of return on the 5th to test the market and investors in closed-end funds open attitude; followed by Sharp index test closed The year-end fund open before and after results change; final inspection by DEA method the Fund operational efficiency closed-end funds open before and after a year of change. By more than four empirical test methods, analysis of the empirical results, conclusion: the market and investors open of closed-end funds hold a positive attitude, open of closed-end funds of fund performance does not improve, despite the Fund's operational efficiency improved. Chapter by Chapter empirical results prove that the opening up of closed-end funds may not be the best maturity of the closed-end fund programs, combined with the foreign closed-end funds open experience looking for the best closed-end funds to thinking of the period of the program.

Related Dissertations

CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
© 2012 www.DissertationTopic.Net Mobile