{"id":1139,"date":"1993-12-01T13:14:03","date_gmt":"1993-12-01T11:14:03","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=1139"},"modified":"2023-08-03T18:25:50","modified_gmt":"2023-08-03T15:25:50","slug":"moves-discount-country-equity-funds","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/moves-discount-country-equity-funds\/","title":{"rendered":"What Moves the Discount on Country Equity Funds?"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/1139\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p>Authors: Gikas A. Hardouvelis, Rafael La Porta, Thieny A. Wizinan<br \/>\n<em>Publication: The National\u00a0Bureau of Economic Research, NBER Working Paper No. 4571, December 1993<\/em><\/p>\n<p><strong>Abstract:<\/strong><br \/>\nThe paper characterizes several empirical regularities of closed-end fund prices and examines the extent to which a sentiment&#8221; model of asset prices is consistent with the empirical regularities. We find that after controlling for the effect of cross-border investment restrictions, country funds trade at an average discount Discounts vary substantially and contribute to a<br \/>\nvariance in country fund weekly returns which is generally three times greater than the returns on the net asset value (NAy). Regression analysis suggests that discounts have predictive power<br \/>\nfor fund returns but not for NAV returns, suggesting that investor &#8220;sentiment&#8221; is a component of the price of a fund and not its NAy. Estimation of an unobserved components model on the<br \/>\ndiscounts of the funds reveals a significant and strongly persistent common component across fund discounts. Regressions of fund and NAV returns on financial variables reveal that fund<br \/>\nprices are &#8216;sticky&#8221; with respect to movements in the host country&#8217;s stock market and overly sensitive to variation in the U.S. and world stock markets. This relation is unaffected when we<br \/>\nconsider separately funds whose host countries restrict cross-border investment and funds which invest in emerging stock markets.<\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2017\/12\/w4571.pdf\">Download What Moves the Discount on Country Equity Funds? pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,6],"tags":[3261],"yst_prominent_words":[316,291,1956,1960,1959,313,1957,1958,1896,312,1955,573,71,1961,170,172,1954],"class_list":["post-1139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academic-publications","category-working-papers","tag-working-papers"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=1139"}],"version-history":[{"count":2,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1139\/revisions"}],"predecessor-version":[{"id":4444,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1139\/revisions\/4444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=1139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=1139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=1139"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=1139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}