Risk characteristics of closed-end stock fund IPOs |
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| Authors: | Christopher B Barry John W Peavy III |
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| Institution: | (1) M.J. Neeley School of Business, Texas Christian University, 76129 Fort Worth, Texas, U.S.A.;(2) Edwin L. Cox School of Business, Southern Methodist University, 75275 Dallas, Texas, U.S.A. |
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| Abstract: | We examine 34 closed-end stock fund initial public offerings (IPOs) during the period of January 1, 1986, through June 30, 1987. We find that the funds have low systematic risk during their first trading months, especially the initial month. We also observe that the funds' beta risk tends to increase as the funds season in aftermarket trading. This pattern is in sharp contrast to new issues by nonfinancial corporations, which have very high initial betas that decline over time. |
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