Investor sentiment and the closed-end fund puzzle

Article Abstract:

This paper examines the proposition that fluctuations in discounts of closed-end funds are driven by changes in individual investor sentiment. The theory implies that discounts on various funds move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts are correlated with prices of other securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that both closed-end funds and small stocks tend to be held by individual investors, and that the discounts on closed-end funds narrow when small stocks do well. (Reprinted by permission of the publisher.)

Psychological aspects, Investments, Mutual funds, Investors

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Retail investor sentiment and return comovements

Article Abstract:

A study is conducted on interrelation between investor transactions the study also examine the role of investor sentiment in the formation of returns.

Science & research, Securities, Securities prices, Return on investment, Rate of return

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Do dividend clienteles exist? Evidence on dividend preferences of retail investors

Article Abstract:

The existence of dividend clienteles is analyzed based on a study of stock holdings and trading behavior of several households.

Stockholders, Patron and client, Patronage

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