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Investor Irrationality and Closed-end Hedge Funds

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  • Dietiker, Oliver

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    Abstract

    The present study assesses the rationality of investors who pay large sums to hedge fund managers for their services. For my analysis I use a sample of closed-end funds which invest their capital in one or more open-ended hedge funds. The results imply that investors rationally exploit the available information when deciding whether to engage in the initial public offering of a new closed-end fund. However, I also find evidence that investors react with a burst of irrational pessimism to the worsening economic conditions in the second half of 2008.

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    Bibliographic Info

    Article provided by Capco Institute in its journal Journal of Financial Transformation.

    Volume (Year): 30 (2010)
    Issue (Month): ()
    Pages: 57-65

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    Handle: RePEc:ris:jofitr:1441

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    Related research

    Keywords: investor irrationality; hedge funds; closed-end funds;

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