U.K. Investment Trust Valuation and Investor Behavior, 1880–1929

Autor:	Dimitris Sotiropoulos, Daniele Tori, Janette Rutterford
Rok vydání:	2022
Předmět:	Economics and Econometrics History Economics Econometrics and Finance (miscellaneous)
Zdroj:	The Journal of Economic History. 82:1031-1069
ISSN:	1471-6372 0022-0507
Popis:	This study looks at the valuation of U.K. investment trusts for the 50 years following their appearance as companies in the 1880s. Based on a large and unique dataset compiled from primary sources, our calculations reveal a huge variation between the ordinary share prices of investment trusts and their underlying net asset “fundamental” values. This mismatch is a well-known puzzle in modern financial markets and has attracted a large volume of research because it casts doubt on the concept of market efficiency. We investigate possible explanations for this pricing puzzle and shed light on U.K. investor behavior before the 1930s.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::6f6ce389c2ee1806878139211aa57308 https://doi.org/10.1017/s0022050722000365 Zobrazit plný text záznamu