题名

EXPLORING THE PERSISTENCE OF U.K. EQUITY CLOSED-END FUND PERFORMANCE

DOI

10.6291/AIAPM.2016.07.09

作者

Jonathan Fletcher

关键词

Performance ； Persistence ； Closed-End Funds

期刊名称

Advances in Investment Analysis and Portfolio Management

卷期/出版年月

7期（2016 / 03 / 01）

页次

185 - 213

内容语文

英文
英文摘要

This paper examines whether there is any persistence in the value added by U.K. closed-end funds with domestic equity objectives. There is some short-term persistence in value added by the best performing funds when ranking funds by the past Jensen (1968) performance where past performance is divided by residual volatility. However the persistence in value added by funds is short term and disappears after one year. There is also persistence in performance ability by funds when using Net Asset Value (NAV) excess returns. In contrast to open-end mutual fund performance persistence studies, there is no support that there any closed-end funds which consistently destroy value to investors.
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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