The performance persistence of foreign closed-end funds.

Jeff Madura, Martina K. Schmidt

Research output: Contribution to journalArticlepeer-review

Abstract

A sample of 26 foreign bond and 95 foreign equity closed-end funds is used to determine whether foreign closed-end funds exhibit performance persistence (PP). Persistence is measured using two different performance measures, net asset value (NAV) returns and market price (MP) returns. The results show that foreign closed-end equity funds exhibit persistence of MP performance. These results are generally robust with respect to the holding period. In general, the PP results are mainly attributed to winning funds. A comparison of foreign to domestic closed-end funds finds that foreign closed-end equity funds exhibit less PP than domestic equity funds.

Original languageAmerican English
JournalDefault journal
StatePublished - Jan 1 2002

Keywords

  • Closed-end funds
  • Performance persistence
  • Foreign funds

Disciplines

  • Business

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