TY - JOUR
AU - RAMADORAI, TARUN
AB - ABSTRACT Rational theories of the closed‐end fund premium puzzle highlight fund share and asset illiquidity, managerial ability, and fees as important determinants of the premium. Several of these attributes are difficult to measure for mutual funds, and easier to measure for hedge funds. This paper employs new data from a secondary market for hedge funds, discovers a closed‐hedge fund premium that is highly correlated with the closed‐end mutual fund premium, and shows that the closed‐hedge fund premium is well explained by variables suggested by rational theories. Sentiment‐based explanations do not find support in the data.
TI - The Secondary Market for Hedge Funds and the Closed Hedge Fund Premium
JO - The Journal of Finance
DO - 10.1111/j.1540-6261.2012.01723.x
DA - 2012-04-01
UR - https://www.deepdyve.com/lp/wiley/the-secondary-market-for-hedge-funds-and-the-closed-hedge-fund-premium-WpYZ2aswr0
SP - 479
VL - 67
IS - 2
DP - DeepDyve
ER -