Investor Sentiment and the Closed-End Fund Puzzle Export

@article{citeulike:185953, abstract = {This paper examines the proposition that fluctuations in discounts of closed-end funds are driven by changes in individual investor sentiment. The theory implies that discounts on various funds move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts are correlated with prices of other securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that both closed-end funds and small stocks tend to be held by individual investors, and that the discounts on closed-end funds narrow when small stocks do well.}, author = {Lee, Charles M. C. and Shleifer, Andrei and Thaler, Richard H.}, citeulike-article-id = {185953}, citeulike-linkout-0 = {http://www.jstor.org/stable/2328690}, journal = {The Journal of Finance}, keywords = {asset\_pricing, finance, sentiment}, number = {1}, pages = {75--109}, posted-at = {2005-05-07 10:18:23}, priority = {2}, title = {Investor Sentiment and the Closed-End Fund Puzzle}, url = {http://www.jstor.org/stable/2328690}, volume = {46}, year = {1991} }

TY - JOUR ID - citeulike:185953 L3 - citeulike-article-id:185953 N2 - This paper examines the proposition that fluctuations in discounts of closed-end funds are driven by changes in individual investor sentiment. The theory implies that discounts on various funds move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts are correlated with prices of other securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that both closed-end funds and small stocks tend to be held by individual investors, and that the discounts on closed-end funds narrow when small stocks do well. IS - 1 JF - The Journal of Finance EP - 109 TI - Investor Sentiment and the Closed-End Fund Puzzle VL - 46 SP - 75 KW - asset_pricing KW - finance KW - sentiment AU - Lee, Charles AU - Shleifer, Andrei AU - Thaler, Richard PY - 1991/// UR - http://www.jstor.org/stable/2328690 ER -