Concept

Closed-end fund

Publications associées (11)

International Portfolio Choice with Frictions: Evidence from Mutual Funds

Using data on international equity portfolio allocations by U.S. mutual funds, we estimate a portfolio expression derived from a standard mean-variance portfolio model extended with portfolio frictions. The optimal portfolio depends on the previous month a ...

OXFORD UNIV PRESS INC2023

Empirical Evidence on the Effectiveness of Shareholder Democracy

Maxime Thibault B Couvert

This thesis is composed of two essays that study the effectiveness of shareholder democracy. In the first essay, I analyze the firm value implications of shareholder-initiated proposals. I show that managerial resistance precludes half of shareholder-init ...

EPFL2021

Informational frictions in financial markets

Erik Hapnes

This thesis consists of three chapters on informational frictions in financial markets. The chapters analyze problems related to markets' ability to guide real investment, and what drives liquidity. Both problems are important to ensure efficient resource ...

EPFL2021

Analysing the Role of Social Visits on Migrants’ Social Capital: A Personal Network Approach

Emmanuel Pierre Jean Ravalet, Gil Viry

There are concerns that migrants may be embedded in far-flung networks with support being less collective. The spatial dispersion of their relatives and friends would result in fragmented networks with lower solidarity and lower mutual trust than densely c ...

2017

The total benefit of alternative assets to pension fund portfolios

Anna Slavutskaya

Pension funds only quite recently have explored alternative assets, prodded by financial crises that devastated equity returns and led to low bond returns. We assess the addition of alternative assets to pension fund portfolios in terms of the total benefi ...

Elsevier Science Bv2016

Demystifying Rational Financial Decision-Making

Anjali Devi Vanapilli Nursimulu

Is the human brain wired for wealth? The setting is the high-velocity financial environment. Undoubtedly, the development of sophisticated derivative instruments has improved the allocation of risk across economies, highlighting the nexus between banking a ...

EPFL2011

Mutual fund competition in the presence of dynamic flows

Julien Hugonnier

This paper analyzes competition between mutual funds in a multiple funds version of the model of Hugonnier and Kaniel (2010). We characterize the set of equilibria for this portfolio management game and show that there exists a unique Pareto optimal equili ...

2010

A Mechanism that Provides Incentives for Truthful Feedback in Peer-to-Peer Systems

We propose a mechanism for providing the incentives for reporting truthful feedback in a peer-to-peer system for exchanging services (or content). This mechanism is to complement reputation mechanisms that employ ratings' feedback on the various transactio ...

2010

An Extension of ETF Arbitrage to Sector Trading Using ANN

Utkarsh Upadhyay, Ramnik Arora

We design and deploy a trading strategy that mirrors the Exchange Traded Fund (ETF) arbitrage technique for sector trading. Artiﬁcial Neural Networks (ANNs) are used to capture pricing relationships within a sector using intra-day trade data. The fair pric ...

2009

Real estate issues

Matthieu Dulguerov

This thesis discusses the difficulties of pricing real estate by using the existing financial economic theory and investigates an alternative approach in order to take into account the 'unique' nature of real estate risk. It consists of three essays placin ...

EPFL2009

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