Bank affiliation and discounts on closed-end funds

buir.contributor.authorÖnder, Zeynep
buir.contributor.orcidÖnder, Zeynep|0000-0002-9260-6557
dc.citation.epage102266- 11en_US
dc.citation.spage102266- 1en_US
dc.citation.volumeNumber83en_US
dc.contributor.authorGüner, Z. N.
dc.contributor.authorÖnder, Zeynep
dc.date.accessioned2023-02-16T10:07:31Z
dc.date.available2023-02-16T10:07:31Z
dc.date.issued2022-06-30
dc.departmentDepartment of Managementen_US
dc.description.abstractThis 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.en_US
dc.embargo.release2024-06-30
dc.identifier.doi10.1016/j.irfa.2022.102266en_US
dc.identifier.eissn1873-8079
dc.identifier.issn1057-5219
dc.identifier.urihttp://hdl.handle.net/11693/111425
dc.language.isoEnglishen_US
dc.publisherElsevier BVen_US
dc.relation.isversionofhttps://doi.org/10.1016/j.irfa.2022.102266en_US
dc.source.titleInternational Review of Financial Analysisen_US
dc.subjectDiscount on closed-end fundsen_US
dc.subjectTrust in Financial InstitutionsBanking crisisen_US
dc.subjectClosed-end fundsen_US
dc.subjectBank affiliationen_US
dc.titleBank affiliation and discounts on closed-end fundsen_US
dc.typeArticleen_US
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