The valuation of closed-end investment companies
This paper examines the proposition that fluctuations in discounts of closed-end funds in Singapore are driven by changes in management fees . The agency cost theory implies that higher management fees lead to higher discounts and that fluctuations in management fees causes discounts to fluctuate...
| Main Authors: | , , |
|---|---|
| Other Authors: | |
| Format: | Final Year Project (FYP) |
| Language: | English |
| Published: |
2015
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63535 |
| _version_ | 1826123969199079424 |
|---|---|
| author | Goh, Hwee Jack Liew, Wee San Tung, Daniels Kuan Meng |
| author2 | Tan Kok Hui |
| author_facet | Tan Kok Hui Goh, Hwee Jack Liew, Wee San Tung, Daniels Kuan Meng |
| author_sort | Goh, Hwee Jack |
| collection | NTU |
| description | This paper examines the proposition that fluctuations in discounts of closed-end funds in
Singapore are driven by changes in management fees . The agency cost theory implies that
higher management fees lead to higher discounts and that fluctuations in management fees
causes discounts to fluctuate. The evidence partially supports these predictions. Based on
our findings, we conclude that there is convincing support for the hypothesis that higher
management fees lead to closed-end fund share prices in Singapore being traded at a
discount to their net asset value (NAV) . On the other hand, only weak support was shown
to support the premise that fluctuations in management fees and fluctuations in discounts
are positively correlated. |
| first_indexed | 2024-10-01T06:13:00Z |
| format | Final Year Project (FYP) |
| id | ntu-10356/63535 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T06:13:00Z |
| publishDate | 2015 |
| record_format | dspace |
| spelling | ntu-10356/635352023-05-19T06:16:12Z The valuation of closed-end investment companies Goh, Hwee Jack Liew, Wee San Tung, Daniels Kuan Meng Tan Kok Hui Nanyang Business School DRNTU::Business::Finance This paper examines the proposition that fluctuations in discounts of closed-end funds in Singapore are driven by changes in management fees . The agency cost theory implies that higher management fees lead to higher discounts and that fluctuations in management fees causes discounts to fluctuate. The evidence partially supports these predictions. Based on our findings, we conclude that there is convincing support for the hypothesis that higher management fees lead to closed-end fund share prices in Singapore being traded at a discount to their net asset value (NAV) . On the other hand, only weak support was shown to support the premise that fluctuations in management fees and fluctuations in discounts are positively correlated. BUSINESS 2015-05-14T08:50:13Z 2015-05-14T08:50:13Z 1994 1994 Final Year Project (FYP) http://hdl.handle.net/10356/63535 en Nanyang Technological University 95 p. application/pdf |
| spellingShingle | DRNTU::Business::Finance Goh, Hwee Jack Liew, Wee San Tung, Daniels Kuan Meng The valuation of closed-end investment companies |
| title | The valuation of closed-end investment companies |
| title_full | The valuation of closed-end investment companies |
| title_fullStr | The valuation of closed-end investment companies |
| title_full_unstemmed | The valuation of closed-end investment companies |
| title_short | The valuation of closed-end investment companies |
| title_sort | valuation of closed end investment companies |
| topic | DRNTU::Business::Finance |
| url | http://hdl.handle.net/10356/63535 |
| work_keys_str_mv | AT gohhweejack thevaluationofclosedendinvestmentcompanies AT liewweesan thevaluationofclosedendinvestmentcompanies AT tungdanielskuanmeng thevaluationofclosedendinvestmentcompanies AT gohhweejack valuationofclosedendinvestmentcompanies AT liewweesan valuationofclosedendinvestmentcompanies AT tungdanielskuanmeng valuationofclosedendinvestmentcompanies |