The Secondary Market for Hedge Funds and the Closed-Hedge Fund Premium
作者： Tarun Ramadorai
DOI: 10.2139/SSRN.1106654
关键词: Economics 、 Fund administration 、 Fund of funds 、 Performance fee 、 Alternative beta 、 Financial economics 、 Open-end fund 、 Feeder fund 、 Mutual fund 、 Closed-end fund
摘要: Rational theories of the closed-end fund premium puzzle highlight share and asset illiquidity, managerial ability compensation, fees as important determinants premium. Several these attributes are difficult to measure for mutual funds, easier hedge funds. This paper employs new data from a secondary market discovers closed which is highly correlated over time with premium, shows that well-explained by variables suggested rational theories. Sentiment-based explanations do not find support in data.
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