Measuring performance of international closed-end funds |
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| Institution: | 1. Department of Finance, Clemson University, Clemson, SC 29634 USA;2. Department of Finance, Eller College of Management, University of Arizona, Tucson, AZ 85721 USA;1. School of Business, University of Houston – Victoria, Victoria, TX 77901, USA;2. Rm 389, School of Business, University at Albany – SUNY, 1400, Washington Ave, Albany, NY 12222, USA;3. Rm 357, School of Business, University at Albany – SUNY, 1400, Washington Ave, Albany, NY 12222, USA;1. College of Business, Florida State University, 821 Academic Drive, Tallahassee, FL 32306, United States;2. Krannert Graduate School of Management, Purdue University, 403 West State Street, West Lafayette, IN 47907, United States;1. University of Southern Denmark and Danish Finance Institute, Campusvej 55, 5230 Odense M, Denmark;2. University of Southern Denmark and Danish Finance Institute, Campusvej 55, 5230 Odense M, Denmark |
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| Abstract: | This paper provides an empirical analysis of the performance of 45 international closed-end funds and compares alternate measures of performance using the sample of funds and 35 national market indices. The empirical evidence indicates that the risk-adjusted performance of the shares or the net asset values of the funds match the performance of their respective local market indices, as well as the world market index and do not exhibit superior timing ability. These findings are robust to conditioning on information. |
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