Investigating the Performance of Closed-end Funds in Mainland China
YU, WENTING (2007) Investigating the Performance of Closed-end Funds in Mainland China. [Dissertation (University of Nottingham only)] (Unpublished)
A closed-end fund is a type of professionally managed investment company that provides investors lots of benefits unique in the investment world. As the largest emerging market in the world, China market attracts the focus of the global investors. Many foreign investors are especially interested in the China closed-end fund market because of the persistent large discounts in the past few years. This empirical research evaluated 23 Chinese closed-end funds during the period June 2003 to June 2007. The objective of this study is to evaluate the performance of China's closed-end funds and trying to find whether the closed-end funds outperformed the market. Three famous and traditional performance measures were employed to examine the funds' performance: Sharpe ratio, Treynor ratio and Jensen's alpha. In addition, one-sample t-test was also conducted to estimate the mean difference between the closed-end funds and the market index.
Actions (Archive Staff Only)