| 我国封闭式基金IPO后溢价交易的实证研究及行为金融理论解释 |
| |
| 引用本文： | 王勇,王超.我国封闭式基金IPO后溢价交易的实证研究及行为金融理论解释[J].价值工程,2005,24(11):105-108. |
| |
| 作者姓名： | 王勇 王超 |
| |
| 作者单位： | 华中农业大学文法学院,武汉,430070;华中科技大学经济学院,武汉,430074 |
| |
| 摘 要： | 尽管封闭式基金首次发行(IPO)后溢价交易一般只持续约20周,但实证表明此20周内短线投机交易异常活跃且多头方有利,原因是基金经理人在封闭式基金发行时的宣传对投资者有锚定效应,加上投资者的代表性经验推断和赌博心理,结果就使得投资者对新发行基金的预期偏离了理性。
|
| 关 键 词： | 封闭式基金 IPO 溢价 行为金融 |
| 文章编号： | 1006-4311（2005）11-0105-04 |
Empirical Study and Behavioral Finance Interpretation of the Closed - End Fund Premium after IPO in China |
| |
| Wang Yong,Wang Chao.Empirical Study and Behavioral Finance Interpretation of the Closed - End Fund Premium after IPO in China[J].Value Engineering,2005,24(11):105-108. |
| |
| Authors: | Wang Yong Wang Chao |
| |
| Abstract: | The market price of the close- end fund is common over its NAV when the fund is IPO, then after about 20 weeks the price falls under its NAV. Our empirical study find short- run investments are abnormally active and the market stead long position, because investors'representativeness, gamble mentality and anchoring effect that funds IPO sales promotion do make their anticipation about fund return depart of ration. |
| |
| Keywords: | close-end fund IPO premium behavioral finance |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
