Investor Irrationality and Closed-end Hedge Funds
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.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 30 (2010)
Issue (Month): ()
|Contact details of provider:|| Postal: |
Phone: +1 212 284 8600
Web page: http://www.capco.com/
When requesting a correction, please mention this item's handle: RePEc:ris:jofitr:1441. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Springett)
If references are entirely missing, you can add them using this form.