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Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case
Applied Economics and Finance
View Archive Info| Field | Value | |
| Title |
Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case
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| Creator |
Pirgaip, Burak
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| Description |
Market prices of closed-end funds (CEF) deviate from their net asset values (NAV) which is known as “CEF puzzle”. I attempt to show from the Turkish experience that CEF discounts/premia predict the corresponding CEF’s future returns, in the light of managerial performance theory. But derivatives facet of the subject matter has not been uncovered so far. Therefore I hypothesize that performance of derivative user CEF are better estimators for discounts/premia than non-users. I show a significant positive relation between CEF discounts/premia and future NAV performance. However, this relation seems not to be more explicit for derivative user CEF than non-users.
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| Publisher |
Redfame Publishing
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| Contributor |
—
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| Date |
2016-02-22
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://redfame.com/journal/index.php/aef/article/view/1349
10.11114/aef.v3i2.1349 |
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| Source |
Applied Economics and Finance; Vol 3, No 2 (2016); 136-145
2332-7308 2332-7294 |
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| Language |
eng
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| Relation |
http://redfame.com/journal/index.php/aef/article/view/1349/1384
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