題 目：Closed-end Funds and the Financial Crisis
主講人：Sophie X. Kong (Western Washington University)
時 間：2013年12月9日(星期一)19：00
地 點：主樓418會議室
主講人簡介：
孔教授早年畢業(yè)于南京大學(xué)，在Florida State University獲得碩士、博士學(xué)位，曾在Kansas State University從事教學(xué)工作，目前在Western Washington University從事教學(xué)工作，副教授。相關(guān)論文發(fā)表在Journal of Business & Economics Research、Journal of Portfolio Management、Journal of Financial Research等。
內(nèi)容簡介：
We compare the impact of the recent financial crisis on open-end and closed-end mutual funds due to the difference in their organization structure: presence/absence of redemption pressure. Our primary findings are that the structural advantage of closed-end funds, i.e. absence of redemption pressure, is valuable and that such value is dynamic depending on market conditions. The structural advantage is stronger in the more volatile sectors of the market, i.e. equity sectors, and is strongest at the deepest of the crisis. Specifically, open-end bond funds outperformed their closed-end counterparts in 2008, while in sharp contrast, open-end equity funds underperformed closed-end equity funds in 2008.
