Investor sentiment and closed-end fund puzzle in an emerging market

Date

2009

Author

Güner, Zehra Nuray
Önder, Zeynep

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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This paper examines the closed-end fund puzzle in the Istanbul Stock Exchange. Closed-end funds are found to be trading at a discount in this market as well but the size of the discount on Turkish closed-end funds is much larger. Findings of this paper provide partial support for the investor sentiment hypothesis. Contrary to the findings for mature exchanges, investor sentiment does not seem to have a significant effect on the largest ten percent of stocks in this market. These stocks could be safe bets for investors who do not want to be affected from the sentiment of local investors.

Subject Keywords

Closed-end fund puzzle, Investor sentiment, JEL classification: G12, Yatırım ortaklığı bulmacası, Yatırımcı hissiyatı

URI

http://www2.feas.metu.edu.tr/metusd/ojs/index.php/metusd/article/view/294
https://hdl.handle.net/11511/110532

Collections

Department of Business Administration, Article