The Problem Of Closed-end Fund Discount And Empirical

1.Background and Significance The close-end fund discount is the widespread phenomenon of the Money Market of domestic and international closing type that fund mark down price the phenomenon,and combine to have been theories with the highly anticipated focus problem of business field,abroad of academic circles someone is even to call it is for the ""The close-end fund discount puzzle ".How many decades come,and the research that western theories field around close the type fund primarily include two aspects. The earlier period's research is with standpoint that expect of reasonableness to explain of,the research of this aspect foot is in the valid market theories, think the market to is valid,and the investor is rational, but because of the market, or the some and special risk factor of the fund oneself, make the fund price temporarily even than long hours and long-term deviate the fund's net worth;Since 80 ages of 20 centuries, along with the behavior rise of financial theories at west, trade the angle to research fund mark down price from the noise trading more and more.These theories think the noise trading the main reason for noise trading for trading bringing risk is close type fund mark down pricing. The close-end fund discount to mark down price finally is a price phenomenon,this kind of phenomenon in practice is a reflecting of stock market and everyone behavior characteristic. Because of this, not only is beneficial to us to comprehend the closing type the fund to mark down price the back's mechanism and its influence the factor,and guide the closing factor that the management of the type fund with investment, but also research our country the close-end fund discount mark down price problem because influence the close-end fund discount mark down price to equally relate to the open type the claim pawned articling of fund the pressure,because of and it too right closing type fund the mobility management also have the importance of enlighten the meaning. The close-end fund discount that close the analysis mark down prices can still for take charge of the layer to take charge of to fund, fund system design the offering draw lessons from the meaning. 2.Structure and Contents Chapter 1, research theories foundation for problem:Reasonableness that theories that fund of right closing type mark down priced to proceeds to put to order,point dedicate the cut rate expect the standpoint to trade the standpoint with noise trading,and at finally proceeds an evaluation; Chapter 2,our country closes the type fund to mark down price phenomenon of basic statistics characteristic analysis:The purpose of this part announce to publics its basic of covariance characteristic is with the quantity characteristic; Chapter 3,fund micro-market construction for mark down pricing the rate model and its theories analysis:Commence,establish the different information term the bottom the Money Market behavior the corpus's the foundation of micro-market construction theories for inside machine to mark down price to fund of angle for of Game theories model,trying from the market with behavior with widespread and inevitability proceeding establishing the fund mark down pricing from the stock market's theories of micro-market construction; The fourth,fifth 2 chapter:Is a type fund that theories hypothesis that textual core part,at these two part, we are on the qualitative analysis and quantitative analysis the foundation that combine together,adopt many factors to cut a data to gradually return to return and relativity analysis, quarter number of degrees according to combine together with day data, front-panel data the analysis etc. statistics to analyze the method,ARCH(EGARCH)the method and Game the analysis method the etc., detailed analyzed China to close the concrete influence factor to mark down price to trade and its right cowgirl proceeds examination; Chapter 6,our country the theories for closing the type fund mark down pricing explain and policy suggestion:Pass the hermeneutic elucidation to mark down price to our country fund...