Sökning: "Closed-end fund discount"

Visar resultat 1 - 5 av 10 uppsatser innehållade orden Closed-end fund discount.

  1. 1. Vad påverkar värderingen av investmentbolag : En kvantitativ studie om investmentbolagens avvikelser från substansvärdet

    Magister-uppsats, Linköpings universitet/Institutionen för ekonomisk och industriell utveckling; Linköpings universitet/Institutionen för ekonomisk och industriell utveckling

    Författare :Ludwig Belin; Adam Janselius; [2020]
    Nyckelord :Closed-end fund; valuation; NAV discount; NAV premium; herding; Investmentbolag; värdering; substanspremie; substansrabatt; flockbeteende;

    Sammanfattning : Bakgrund: Investmentbolag hanterar kapital och investerar i huvudsak i andra aktiebolag. Ett vanligt tillvägagångssätt när det kommer till att värdera ett investmentbolag är att analysera substansvärdet. LÄS MER

  2. 2. Closed-End Funds and their Net Asset Value over time : A study of the relationship between Swedish closed-end funds' market prices and their underlying assets over a period of time.

    Kandidat-uppsats, Jönköping University/IHH, Nationalekonomi; Jönköping University/IHH, Nationalekonomi

    Författare :Erik Cederberg; Linus Schnitzer; [2020]
    Nyckelord :Closed-end fund; Net Asset Value; Mean Reversion; Closed-end fund discount; Stock market; Investment strategy; Cointegration; Error Correction;

    Sammanfattning : Closed-end funds (CEFs) are popular investments amongst the Swedish population as they provide diversification to investors and have in many cases historically outperformed the market. In deciding whether to invest in a CEF, the method of valuation differs from classical financial ratios used to value most companies, as the revenue-bringing operations differ significantly. LÄS MER

  3. 3. Explaining the NAV Discount in REIT pricing - Evidence from the U.S.

    D-uppsats, Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Författare :Jerry Aaltonen; Bowen Li; [2019]
    Nyckelord :REITs; Dynamic relationship; NAV discount; Closed-end fund puzzle; United States;

    Sammanfattning : This paper investigates the relationship between stock price and net asset value (NAV) for 71 real estate investment trusts (REITs) in the U.S. between Q1/1998 and Q4/2018. More specifically, by testing for cointegration, we look for evidence of a long-term equilibrium between stock price and NAV. LÄS MER

  4. 4. Swedish Investment Companies and Behavioral Determinants of the Relative Valuation to NAV

    C-uppsats, Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Författare :Mattias Svensson; Olle Boström; [2015]
    Nyckelord :Swedish investment companies; Closed-end fund discount; Noise traders; Behavioral finance;

    Sammanfattning : The discount to Net Asset Value (NAV) in Swedish investment companies is a phenomenon that has been present for decades. This study aims to explain part of the discount valuation without taking firm-specific characteristics into consideration. Instead, we use several regression models where only market-wide behavioral arguments are used. LÄS MER

  5. 5. Investment Companies’ Discount Fluctuation on the Swedish Market : A statistical analysis regarding different micro-   and macroeconomic factors influence on Swedish closed-end funds’ discount

    Magister-uppsats, Högskolan i Jönköping/IHH, Economics, Finance and Statistics; Högskolan i Jönköping/IHH, Economics, Finance and Statistics

    Författare :Ronnie Cau Nicklasson; Simon Hansson; [2013]
    Nyckelord :Swedish; closed-end fund s ; investment companies; discount; fluctuation; time-invariant characteristics; seasonal effects; CEF; fixed- and random effect model; Hausman test; OLS regression;

    Sammanfattning : Closed-end funds’ (CEF) discount and discount fluctuations have been puzzling researchers for decades. Up to date, there are no multidimensional or cross-sectional variables that have been proved to influence CEFs simultaneously. LÄS MER