Journal of Finance
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Выпуски:
Опубликовано на портале: 11-10-2004
Catherine Bonser-Neal, Greggory Brauer, Robert Neal, Simon Wheatley
Journal of Finance.
1990.
Vol. 45.
No. 2.
P. 523-547.
Some closed-end country funds trade at large premiums relative to their net asset
values. This paper examines whether international investment restrictions raise country
fund price-net asset value ratios by segmenting international capital markets. We
test whether a relation exists between announcements of changes in investment restrictions
and changes in these ratios using weekly data from May 1981 to January 1989. The
results provide evidence that some foreign markets are at least partially segmented
from the U.S. capital market.
