オガワ　タカユキ   OGAWA Takayuki
  小川　貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2024/12/17
形態種別 その他
標題 Hyperbolic Discounting and the Closed-end Fund Puzzle
執筆形態 共著
掲載誌名 明治学院大学 ディスカッションペーパー
掲載区分国内
出版社・発行元 明治学院大学
巻・号・頁 2024(02)
総ページ数 20
著者・共著者 Takayuki Ogawa and Hiroaki Ohno
概要 We show that hyperbolic discounting is key for understanding the closed-end fund puzzle, which is the persistent deviation between the market prices of closed-end funds and net asset value (NAV) of their underlying assets. Hyperbolic-discounting individuals are willing to utilize illiquid underlying assets as commitment devices to avoid time-inconsistent consumption plans. Consequently, more liquid closed-end funds trade at discounts to their NAV. We establish the conditions under which the discounts and premiums arise in the prices of closed-end funds.
researchmap用URL https://econ.meijigakuin.ac.jp/research-institute/publications/