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Closed-end fund IPOs : = Sold not bo...

Shao, Rong.

Closed-end fund IPOs : = Sold not bought.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Closed-end fund IPOs :/
Reminder of title:	Sold not bought.
Author:	Shao, Rong.
Description:	1 online resource (89 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9781369655445

Closed-end fund IPOs : = Sold not bought.
Shao, Rong.

Closed-end fund IPOs :Sold not bought. - 1 online resource (89 pages)

Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.

Thesis (Ph.D.)--University of Florida, 2016.

Includes bibliographical references

This study examines 993 closed-end fund IPOs in the U.S. from 1986 to 2013. Closed-end fund IPOs are priced above their net asset value due to the sales load paid to the underwriters. Within five months of the IPO, they start trading at a discount. Six months after the IPO, the average raw return is -4.75%, underperforming seasoned funds by 8.52%. An agency hypothesis is introduced to explain the negative raw and abnormal returns. I posit that full service brokers with access to retail investors create demand for CEF IPOs when the time-varying reputational cost is low. Intensive price support delays the subsequent price decline. In other words, CEF IPOs are sold, not bought.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781369655445Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Closed-end fund IPOs : = Sold not bought.
LDR:01742ntm a2200301K 4500 001 912864
005 20180608130008.5
006 m o u
007 cr mn||||a|a||
008 190606s2016 xx obm 000 0 eng d
020 $a 9781369655445
035 $a (MiAaPQ)AAI10586269
035 $a AAI10586269
040 $a MiAaPQ $b eng $c MiAaPQ
100 1 $a Shao, Rong. $3 1185425
245 1 0 $a Closed-end fund IPOs : $b Sold not bought.
264 0 $c 2016
300 $a 1 online resource (89 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.
500 $a Adviser: Jay Ritter.
502 $a Thesis (Ph.D.)--University of Florida, 2016.
504 $a Includes bibliographical references
520 $a This study examines 993 closed-end fund IPOs in the U.S. from 1986 to 2013. Closed-end fund IPOs are priced above their net asset value due to the sales load paid to the underwriters. Within five months of the IPO, they start trading at a discount. Six months after the IPO, the average raw return is -4.75%, underperforming seasoned funds by 8.52%. An agency hypothesis is introduced to explain the negative raw and abnormal returns. I posit that full service brokers with access to retail investors create demand for CEF IPOs when the time-varying reputational cost is low. Intensive price support delays the subsequent price decline. In other words, CEF IPOs are sold, not bought.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Florida. $b Finance, Insurance, and Real Estate. $3 1185426
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10586269 $z click for full text (PQDT)

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