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发表于 2010-4-16 11:11 | 只看该作者

Reading 34: Equity: Markets and Instruments-LOS g 习题精选

2010, country, border, center, style
Session 10: Equity Valuation: Valuation Concepts
Reading 34: Equity: Markets and Instruments

LOS g: State the determinants of the value of a closed-end country fund.

 

 

 

Closed-end country funds trading in U.S. markets have been known to be affected by:

A)
 weak correlations to U.S. markets, thus providing for more diversification benefits than expected.
B)
 strong correlations to U.S. markets, thus providing for more diversification benefits than expected.
C)
 strong correlations to U.S. markets, thus providing for less diversification benefits than expected.


 

Closed-end funds’ values have been found to be strongly correlated with the U.S. stock market. Strong or higher degrees of correlations provide less diversification benefits.

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土豆妮

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发表于 2010-4-16 11:13 | 只看该作者

The market price of closed-end country funds (or its Net Asset Value) are NOT generally determined by:

A)
 supply and demand for the fund’s shares.
B)
 the country’s absolute purchasing power parity.
C)
 fundamental value of the fund’s underlying shares.


The market price of a closed-end country fund is determined by the supply and demand for shares of the fund. The determinants of value for a closed-end country fund include the value of the underlying securities held within the fund and the level of foreign investment restrictions imposed by the emerging country governments.

 

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土豆妮

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3#
发表于 2010-4-16 11:13 | 只看该作者

Which of the following is a determinant of value for a closed-end country fund? The level of:

A)
 foreign investment restrictions imposed by the country government.
B)
 local taxes imposed by the country government.
C)
 real interest rates in the country.


The determinants of value for a closed-end country fund include the value of the underlying securities held within the fund and the level of foreign investment restrictions imposed by the emerging country governments. Funds investing in countries with investment restrictions tend to trade at a premium to NAV.

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