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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/78879

    Title: Divergent Expectations and Closed-End Funds: Evidence from the Post-Asian Financial Crisis Period
    Authors: Chang, Yuanchen;Chan, Kam C.;Fok, Robert C. W.
    Contributors: 財管系
    Keywords: Financial Crisis
    Date: 2006
    Issue Date: 2015-10-06 16:33:54 (UTC+8)
    Abstract: We examine the issue of divergent expectations of country fund investors after the Asian financial crisis period. Previous literature has shown that foreign investors turned pessimistic before local investors prior to the Asian financial crisis (Pan, Chan, and Wright, 2001). We further explore this issue by investigating whether local investors react differently from foreign investors in a post-crisis period. Our results show that closed-end country fund share prices (driven by foreign investors) in three Asian stock markets--South Korea, Malaysia, and the Philippines--Granger-cause their respective net asset values (mainly driven by local investors). These results are consistent with the hypothesis that foreign investors have more homogenous expectations than local investors in the post-Asian financial crisis period.
    Relation: Journal of Emerging Markets, 11(2), 5-14
    Data Type: article
    Appears in Collections:[財政學系] 期刊論文

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