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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/78879

Please use this identifier to cite or link to this item: https://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. 張元晨
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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