Theoretical and Applied Economics
No. 10 / 2008 (527)
An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets
Academy of Economic Studies, Bucharest
Mihai Caruntu
Romanian Commercial Bank
Andreea Stoian
Academy of Economic Studies, Bucharest
Abstract. This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual) moments.
Contents
Corporate Rating. Multidimensional Perspective in the Context of the Differentiation in Terms of Localization Criteria. Empirical Perspective on Developed versus Emerging Countries
Optimality, Rational Expectations and Time Inconsistency Applied to Inflation Targeting Strategy
Optimizing the Banking Activity Using Assets & Liabilities Management
The Dimensions of Organizational Intelligence in Romanian Companies – A Human Capital Perspective
An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets
The Influence of the Conjunctural Factors Toward the Reengineering of Organization
Current Approaches to the Establishment of Credit Risk Specific Provisions
Mobil Digital Management for SME’s
Growth Strategies in the Publishing Industry through the Betterment of Managerial Techniques