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150128 ||| eng |
020 |
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|a 9781451848953
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100 |
1 |
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|a Kramer, Charles
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245 |
0 |
0 |
|a Recent Turmoil in Emerging Markets and the Behavior of Country-Fund Discounts
|b Renewing the Puzzle of the Pricing of Closed-End Mutual Funds
|c Charles Kramer, T. Smith
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1995
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300 |
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|a 30 pages
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651 |
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4 |
|a Mexico
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653 |
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|a Institutional Investors
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653 |
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|a Stock exchanges
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653 |
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|a Stocks
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653 |
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|a Pension Funds
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653 |
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|a Finance
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653 |
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|a Securities
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653 |
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|a Industries: Financial Services
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653 |
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|a Financial institutions
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653 |
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|a Financial Instruments
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653 |
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|a General Financial Markets: General (includes Measurement and Data)
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653 |
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|a Non-bank Financial Institutions
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653 |
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|a Financial markets
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653 |
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|a Emerging and frontier financial markets
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653 |
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|a Financial instruments
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653 |
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|a Stock markets
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653 |
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|a Investments: Stocks
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653 |
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|a Investments: General
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653 |
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|a Financial services industry
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653 |
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|a Investment & securities
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653 |
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|a Mutual funds
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653 |
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|a Finance: General
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700 |
1 |
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|a Smith, T.
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041 |
0 |
7 |
|a eng
|2 ISO 639-2
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989 |
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|b IMF
|a International Monetary Fund
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490 |
0 |
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|a IMF Working Papers
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028 |
5 |
0 |
|a 10.5089/9781451848953.001
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856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/1995/068/001.1995.issue-068-en.xml?cid=1299-com-dsp-marc
|x Verlag
|3 Volltext
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082 |
0 |
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|a 330
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520 |
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|a This paper argues that recent movements in closed-end emerging markets funds present a strong challenge to the leading explanations of the behavior of closed-end country fund prices. In particular, closed-end funds dedicated to Mexico and other Latin American stock markets developed large premia after the December 1994 devaluation of the Mexican peso and the subsequent financial crisis. The so-called “investor sentiment hypothesis” could explain these events only by suggesting that investors became very optimistic about emerging markets stocks, and especially Mexican stocks; this possibility seems unlikely given the facts surrounding the devaluation. We argue instead that a sensible explanation for recent dynamics of closed-end country funds is that investors in these funds are loss-averse, implying that they do not want to realize paper losses on their closed-end fund shares. This works to put a drag on the downward movement in closed-end fund prices
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