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
発表年月日 2024/11/09
発表テーマ Hyperbolic Discounting and the Closed-End Funds Discount Puzzle
会議名 日本ファイナンス学会 第6回秋季研究大会
学会区分 全国学会
発表形式 口頭（一般）
単独共同区分 共同
開催地名 九州大学
開催期間 2024/11/09～2024/11/09
発表者・共同発表者 Takayuki Ogawa and Hiroaki Ohno（発表者）
概要 This study shows that hyperbolic discounting plays a key role in explaining the closed-end fund puzzle, which refers to the persistent deviation between the market prices of closed-end funds deviates from the net asset value of their underlying assets. Hyperbolic-discounting individuals are willing to utilize illiquid underlying assets as commitment devices to avoid their time-inconsistent consumption plans. Consequently, more liquid closed-end funds are traded at a discount to their net asset value. We establish the conditions for solving this puzzle.
researchmap用URL https://nfa-net.jp/