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！ |
|
