ROMANIAN CLOSED-END FUNDS – AN OVERVIEW

Cornelia Pop, Adina Calugaru () and Mihaela Marcu ()
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Cornelia Pop: Faculty of Business, Babes-Bolyai University, Cluj-Napoca, Romania
Adina Calugaru: Financial Analyst, New York
Mihaela Marcu: Doctoral Fellow, Food and Resource Economics Department, Institute of Food and Agricultural Sciences, University of Florida

JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, 2005

Abstract: Closed-end funds are less known compared to open-end funds to most of investors. Due to their classical discounts, their behavior on the stock markets is less understood by the individual investors. These two statements are true on the mature capital markets, but on the Romanian emerging capital market, the closed-end funds were and still are the individual investors’ darlings. The closed-end funds’ position on the Romanian capital market can be – mildly – viewed as peculiar. The present paper would try to answer several questions like: Why are the Romanian closed-end funds more popular than the open-end funds? Which was the closed-end funds’ contribution to the development of the Bucharest Stock Exchange? How did the structure of the Romanian closed-end funds’ portfolios evolved/ changed over time? How did the prices and premiums of the Romanian closed-end funds behave since their listing date at Bucharest Stock Exchange?

Keywords: Closed-end funds; Romania (search for similar items in EconPapers)
JEL-codes: G23 O52 (search for similar items in EconPapers)
Date: 2005
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http://tbs.ubbcluj.ro/RePEc/bbn/journl/2005_2_9_Pop.pdf Revised version, 2005 (application/pdf)

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