首页 | 本学科首页   官方微博 | 高级检索  
     检索      


The effect of country-specific index trading on closed-end country funds: an empirical analysis
Institution:1. Quinnipiac University, 275 Mount Carmel Avenue, Hamden, CT 06518, USA;2. University of New Haven, 300 Orange Avenue, West Haven, CT 16516, USA;1. Department of Medicine (Nephrology), Albert Einstein College of Medicine/ Montefiore Medical Center, Bronx, NY;2. Department of Epidemiology & Population Health, Albert Einstein College of Medicine, Bronx, NY;3. Department of Medicine (Nephrology), MetroHealth Medical Center, Cleveland, OH;4. Department of Medicine (Nephrology), Case Western Reserve University/University Hospitals Cleveland Medical Center, Cleveland, OH;5. Department of Medicine (Nephrology), Baylor College of Medicine, Houston, TX;1. Division of Nephrology, Department of Medicine, Faculty of Medicine, Chulalongkorn University, King Chulalongkorn Memorial Hospital, Bangkok, Thailand;2. “Carol Davila” University of Medicine and Pharmacy, Dept of Internal Medicine and Nephrology, “Dr Carol Davila” Teaching Hospital of Nephrology, Bucharest, Romania;3. Division of Nephrology, Department of Internal Medicine, School of Medicine, Taipei Medical University, Taipei Medical University Hospital, TMU Research Center of Urology and Kidney (TMU-RCUK), Taipei, Taiwan;4. AdRes, Health Economics and Outcome Research, Turin, Italy;5. Taipei Tzu Chi Hospital, Buddhist Tzu Chi Medical Foundation, Taipei, Taiwan;7. School of Medicine, Tzu Chi University, Hualien, Taiwan;1. Department of Naturopathy, Government Yoga and Naturopathy Medical College and Hospital, Chennai, India;2. Chief Medical Officer, Samattva Naturopathy and Yoga Hospital, Thanjvaur, India;3. Department of Physiology and Biochemistry, Government Yoga and Naturopathy Medical College and Hospital, Chennai, India;4. Department of Yoga, Government Yoga and Naturopathy Medical College and Hospital, Chennai, India;5. Department of Community Medicine, Government Yoga and Naturopathy Medical College and Hospital, Chennai, India;6. Principal and Head, Department of Naturopathy, Government Yoga and Naturopathy Medical College and Hospital, Chennai, India;1. Department of Internal Medicine, College of Medicine, Institute of Kidney Disease Research, Yonsei University, Seoul, Republic of Korea;2. Department of Preventive Medicine, Yonsei University College of Medicine, Seoul, Republic of Korea;3. Biostatics Collaboration Unit, Yonsei University College of Medicine, Seoul, Republic of Korea;4. Severance Biomedical Science Institute, Brain Korea 21 PLUS, Yonsei University, Seoul, Republic of Korea;1. Division of Nephrology, University of Campania “Luigi Vanvitelli,” Naples, Italy;2. Medical Statistics Unit, University of Campania “Luigi Vanvitelli,” Naples, Italy;3. Nephrology, Dialysis and Renal Transplant Unit, IRCCS-Azienda Ospedaliero-Universitaria di Bologna, Alma Mater Studiorum University of Bologna, Bologna, Italy;1. Institute of Agro-Food Science and Technology, Shandong Academy of Agricultural Sciences/Shandong Special Medical Food Engineering Technology Research Center/Key Laboratory of Agro-Products Processing Technology of Shandong Province/Key Laboratory of Novel Food Resources Processing, Ministry of Agriculture, Jinan, China;2. Food Science and Technology of Shandong Agricultural University, Taian, Shandong, China;3. College of Food Science and Engineering, Ocean University of China, Yushan Road, Qingdao, 266003, China
Abstract:The American Stock Exchange initiated trading in 17 World Equity Benchmark Shares (acronym “WEBS”™) in April 1996. WEBS are index funds designed to track the Morgan Stanley Capital International (MSCI) indexes. We examine the effect of this event on closed-end country funds (CECFs) and find that percentage discounts increase. CECFs with a corresponding WEBS index experience the largest increase and also show a decline in trading volume. We attribute these results to (1) the effects of increased competition and (2) a reduction in the market segmentation premium. Since additional WEBS have begun trading, and other approvals may follow, similar effects could be experienced in the future.
Keywords:
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号