THE DISCOUNT PARADOX INVERTED: THE SWISS CASE
||THE DISCOUNT PARADOX INVERTED: THE SWISS CASE
||Book of Abstracts: 13th Annual European Real Estate Society Conference in Weimar, Germany
||In this paper we examine empirically the closed-end fund puzzle for stock quoted Swiss real estate mutual funds in 1970-2003. For this period shares of those mutual funds are predominately quoted with a premium to the net asset value. Using a panel approach we examine whether both the rational and the sentiment approach can help explaining the premium paradoxon. Full paper available at www.real-estate-finance.de (in German).
||closed end funds puzzle; discount paradoxon; securization; REITs
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