The valuation of closed-end investment companies

• Main Authors: Goh, Hwee Jack, Liew, Wee San, Tung, Daniels Kuan Meng
• Other Authors: Tan Kok Hui
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Finance
• Online Access: http://hdl.handle.net/10356/63535
• Institution: Nanyang Technological University

This paper examines the proposition that fluctuations in discounts of closed-end funds in Singapore are driven by changes in management fees . The agency cost theory implies that higher management fees lead to higher discounts and that fluctuations in management fees causes discounts to fluctuate...