Are IPOs of closed-end funds underpriced in the U.S. market?

Chen, Lirui

dc.contributor.advisor	Boabang, Francis
dc.coverage.spatial	United States
dc.creator	Chen, Lirui
dc.date.accessioned	2012-10-12T15:59:18Z
dc.date.available	2012-10-12T15:59:18Z
dc.date.issued	2012
dc.identifier.uri	http://library2.smu.ca/xmlui/handle/01/24719
dc.description	1 online resource (iv, 61 leaves)
dc.description	Includes abstract and appendices.
dc.description	Includes bibliographical references (leaves 21-23).
dc.description.abstract	The purpose of this study is to determine whether or not closed-end funds initial public offerings (IPOs) are underpriced or overpriced in the U.S. Market. Through the analysis, we conclude that 202 out of 229 selected sample of closed-end funds offer their shares at premium in the U.S. Market. Moreover, 47.6% of closed-end funds offer their shares at premium of 5% to 10%, 27.95% of funds issue shares at premium of 0% to 5%, and only small part of funds offer shares at premium over 10%. And also, the four factor regression result shows that only fund size had no certain relationship with fund premium. However other three factors, the turnover rate, composition, and fund performance are statically significant in the regression.	en_CA
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dc.language.iso	en	en_CA
dc.title	Are IPOs of closed-end funds underpriced in the U.S. market?	en_CA
dc.type	Text	en_CA
thesis.degree.name	Master of Finance
thesis.degree.level	Masters
thesis.degree.discipline	Finance, Information Systems, & Management Science
thesis.degree.grantor	Saint Mary's University (Halifax, N.S.)