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|c 5.00 USD
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|z 9781451848953
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Kramer, Charles.
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|a Recent Turmoil in Emerging Markets and the Behavior of Country-Fund Discounts :
|b Renewing the Puzzle of the Pricing of Closed-End Mutual Funds /
|c Charles Kramer, T. Smith.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1995.
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper argues that recent movements in closed-end emerging markets funds present a strong challenge to the leading explanations of the behavior of closed-end country fund prices. In particular, closed-end funds dedicated to Mexico and other Latin American stock markets developed large premia after the December 1994 devaluation of the Mexican peso and the subsequent financial crisis. The so-called 'investor sentiment hypothesis' could explain these events only by suggesting that investors became very optimistic about emerging markets stocks, and especially Mexican stocks; this possibility seems unlikely given the facts surrounding the devaluation. We argue instead that a sensible explanation for recent dynamics of closed-end country funds is that investors in these funds are loss-averse, implying that they do not want to realize paper losses on their closed-end fund shares. This works to put a drag on the downward movement in closed-end fund prices.
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|a Mode of access: Internet
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|a Smith, T.
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|a IMF Working Papers; Working Paper ;
|v No. 1995/068
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1995/068/001.1995.issue-068-en.xml
|z IMF e-Library
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