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 2025/04/24
発表テーマ Hyperbolic Discounting and the Closed-End Fund Puzzle
会議名 一橋大学 金融研究会
学会区分 研究会・シンポジウム等
発表形式 口頭（一般）
単独共同区分 共同
開催地名 一橋大学
開催期間 2025/04/24～2025/04/24
発表者・共同発表者 Takayuki Ogawa and Hiroaki Ohno（発表者）
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://www.ier.hit-u.ac.jp/Japanese/schedule/2025/04/24-HUB.html