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      Bank affiliation and discounts on closed-end funds

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      Embargo Lift Date: 2024-06-30
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      Author(s)
      Güner, Z. N.
      Önder, Zeynep
      Date
      2022-06-30
      Source Title
      International Review of Financial Analysis
      Print ISSN
      1057-5219
      Electronic ISSN
      1873-8079
      Publisher
      Elsevier BV
      Volume
      83
      Pages
      102266- 1 - 102266- 11
      Language
      English
      Type
      Article
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      Abstract
      This study investigates whether investors value the bank affiliation of closed-end funds and analyzes whether investors treat funds differently because of their affiliated bank type, commercial or investment, and the size of their affiliated commercial bank, small or big. The analysis of the discounts on closed-end funds traded on Borsa Istanbul reveals that bank-affiliated funds trade at a lower discount than other funds, controlling for fund characteristics and market conditions. It is found that investors are willing to pay a higher price on funds affiliated with commercial banks, especially big ones, than bank-unaffiliated funds. However, discounts on all bank-affiliated funds increased more than discounts on unaffiliated funds during the banking crisis of 2000–2001 in Turkey suggesting that investors are willing to pay a trust premium to invest in funds that are affiliated with banks regardless of their type or size.
      Keywords
      Discount on closed-end funds
      Trust in Financial InstitutionsBanking crisis
      Closed-end funds
      Bank affiliation
      Permalink
      http://hdl.handle.net/11693/111425
      Published Version (Please cite this version)
      https://doi.org/10.1016/j.irfa.2022.102266
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      • Department of Management 639
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