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The behaviour of closed-end country fund prices in the Asian NIEs

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  • Abdur Chowdhury

Abstract

This paper tests the impact of international investment restrictions on closed-end country funds in four Asian countries - Hong Kong, Korea, Singapore and Taiwan. The results show that the relationship between the premiums or discounts on closed-end country funds and announcements of changes in investment restrictions is sensitive to how individual countries respond to foreign innovations. A strong relationship exists in countries with large restrictions on investment - Korea and Taiwan. However, the relationship seems to break down in countries where there are virtually no restrictions on investment - Hong Kong and Singapore.

Suggested Citation

  • Abdur Chowdhury, 1994. "The behaviour of closed-end country fund prices in the Asian NIEs," Applied Economics Letters, Taylor & Francis Journals, vol. 1(12), pages 219-222.
    • Handle: RePEc:taf:apeclt:v:1:y:1994:i:12:p:219-222
    DOI: 10.1080/135048594357772
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    References listed on IDEAS

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    1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    2. Chowdhury, Abdur R., 1994. "Stock market interdependencies: Evidence from the asian NIEs," Journal of Macroeconomics, Elsevier, vol. 16(4), pages 629-651.
    3. Bonser-Neal, Catherine, et al, 1990. "International Investment Restrictions and Closed-End Country Fund Prices," Journal of Finance, American Finance Association, vol. 45(2), pages 523-547, June.
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    Cited by:

    1. Samuel Kyle Jones & Michael Stroup, 2010. "Closed-end country fund premiums and economic freedom," Applied Financial Economics, Taylor & Francis Journals, vol. 20(21), pages 1639-1649.
    2. Philip Inyeob Ji & Sangbae Kim, 2013. "Mean-reversion in closed-end fund discount: evidence from half-life," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4503-4515, November.
    3. George Emm Halkos & Theodore Krintas, 2006. "Behavioural and fundamental explanations of discounts on closed end funds: an empirical analysis," Applied Financial Economics, Taylor & Francis Journals, vol. 16(5), pages 395-404.
    4. Samuel Jones & Michael Stroup, 2013. "Economic freedom and the mispricing of single-state municipal bond closed-end funds," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(2), pages 173-187, April.

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