Abstract

El objetivo principal de esta investigación es explorar la literatura más importante dirigida explicar el enigma de los fondos mutuos cerrados o de capital fijo desde las perspectivas tradicionales y del comportamiento de las finanzas. Proporciona una mejor comprensión del comportamiento del fondo de capital fijo y motiva la investigación adicional de los mismos, de la eficiencia del mercado, de la valoración de activos y de los paradigmas tradicionales y del comportamiento de las finanzas. Hasta ahora, ningunas de las explicaciones posibles de finanzas tradicionales o de finanzas del comportamiento han podido explicar completamente la ocurrencia del enigma. Continúa siendo una discusión importante en el debate entre las finanzas tradicionales y las finanzas del comportamiento.

Highlights

  • A closed-end fund (CEF) is an investment company that holds or bundles other publicly traded securities

  • The main objective of this paper is to explore the most salient research aimed at explaining the closed-end fund puzzle from both the traditional and behavioral finance perspectives

  • Malkiel (1977, 1995) studies the funds’ unrealized appreciation and their investments in restricted or illiquid stock. He argues that funds with high unrealized capital appreciation should sell at discounts from net asset value (NAV) because the holder of such a fund would be assuming a potential tax liability

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Summary

Introduction

A closed-end fund (CEF) is an investment company that holds or bundles other publicly traded securities. In contrast to an open-end mutual fund that issues and redeems shares directly with investors at net asset value (NAV), a CEF is usually listed on a national exchange, where its shares are purchased and sold in transactions with other investors, not with the fund itself This means that CEF capitalization is fixed, or closed, and the market value of the shares of a fund is a function of market supply and demand. As of October 2009, the Closed-end Fund Association (CEFA) has 673 funds registered where 64% are bond funds (exempt and taxable), 29% equity funds and 7% global funds It has been observed over the years, that CEF shares typically sell at prices that are found not to be equal to the per share market value of the assets the funds hold.

40 ISSN 1541-8561
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