کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
983486 1480470 2008 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of macroeconomic news on German closed-end funds
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The effect of macroeconomic news on German closed-end funds
چکیده انگلیسی

This paper examines how investors assimilate information obtained from a set of German and U.S. macroeconomic news releases, and register their response on German closed-end fund net asset values (NAVs) and share prices. Specifically, three German Funds traded in the NYSE are chosen and their response to five common types of macroeconomic announcements is investigated. The results indicate that there are systematic differences in the way German and U.S. investors react to information about the two respective economies. We find some commonality in the response of NAV and share price to certain types of announcements, notably industrial production and PPI releases in Germany and the U.S., but a strong divergence is documented when examining other common news releases. The results lead us to believe that the time-varying behavior of fund discounts is most likely attributable to the divergent assessments held by German and U.S. investors, and are in turn, influenced by the security composition and objective of the fund itself.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 48, Issue 4, November 2008, Pages 708–724
نویسندگان
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