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Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case

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dc.contributor.author Pirgaip, Burak
dc.date.accessioned 2024-03-06T12:37:43Z
dc.date.available 2024-03-06T12:37:43Z
dc.date.issued 2016-05
dc.identifier.citation Pirgaip, Burak. (2016). "Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case", Applied Economics and Finance, vol.3, No.2, pp.136-145. tr_TR
dc.identifier.issn 2332-7294
dc.identifier.uri http://hdl.handle.net/20.500.12416/7516
dc.description.abstract Market prices of closed-end funds (CEF) deviate from their net asset values (NAV) which is known as “CEF puzzle”. I attempt to show from the Turkish experience that CEF discounts/premia predict the corresponding CEF‟s future returns, in the light of managerial performance theory. But derivatives facet of the subject matter has not been uncovered so far. Therefore I hypothesize that performance of derivative user CEF are better estimators for discounts/premia than non-users. I show a significant positive relation between CEF discounts/premia and future NAV performance. However, this relation seems not to be more explicit for derivative user CEF than non-users tr_TR
dc.language.iso eng tr_TR
dc.relation.isversionof 10.11114/aef.v3i2.1349 tr_TR
dc.rights info:eu-repo/semantics/openAccess tr_TR
dc.subject Closed-End Funds tr_TR
dc.subject Discount tr_TR
dc.subject Managerial Performance tr_TR
dc.subject Derivatives tr_TR
dc.title Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case tr_TR
dc.type article tr_TR
dc.relation.journal Applied Economics and Finance tr_TR
dc.contributor.authorID 252136 tr_TR
dc.identifier.volume 3 tr_TR
dc.identifier.issue 2 tr_TR
dc.identifier.startpage 136 tr_TR
dc.identifier.endpage 145 tr_TR
dc.contributor.department Çankaya Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Bankacılık ve Finans Bölümü tr_TR


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