NAV inflation and impact on performance in China
| Autor: | Jiali Yan, Mark B. Shackleton, Yaqiong Yao |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
040101 forestry
Fund of funds 050208 finance Economic policy Manager of managers fund 05 social sciences Chinese market Closed-end fund Equity (finance) 04 agricultural and veterinary sciences Monetary economics Market depth Accounting 0502 economics and business 0401 agriculture forestry and fisheries Business China General Economics Econometrics and Finance |
| Zdroj: | European Financial Management. 26:118-142 |
| ISSN: | 1468-036X 1354-7798 |
| DOI: | 10.1111/eufm.12207 |
| Popis: | Our study is among the first to examine the net asset value (NAV) inflation practices of fund managers in China, finding that equity funds bolster their portfolios at quarter-end and especially year-end. In support of the NAV inflation hypothesis in China, we further document the following: (1) NAV inflation is more profound for the worst-performing fund managers and (2) the stocks in which fund managers hold larger stakes exhibit a more marked pattern of price inflation around quarter- and year-ends than do other stocks. We also find that closed-end funds in China engage in NAV inflation at quarter- and year-ends. |
| Databáze: | OpenAIRE |
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