We set up a model so as to explain the discount of the closed-end fund.
建立基金定价模型，能以期对封闭式基金的折价作出合理的府释。
The discount of closed-end fund always is one of the puzzles in financial area.
封闭式基金折价现象一直是金融领域中的一个难解之谜。
But whether closed-to-opened is the best choice which the closed-end fund expired?
但是“封转开”是否就是封闭式基金到期的最佳选择呢?。
This paper attempts to investigate the potential cause of closed-end fund discounts in China.
本文试图研究中国封闭式基金折价的潜在原因。
Chapter two is "the choice of tools those are used in the empirical analysis of the closed-end fund".
第二章，封闭式基金绩效分析工具选择。该部分对本文实证研究需要用到的分析工具进行一定的说明。
The liquidity lack of fund market is the main reason that cause the discount of closed-end fund of our country.
基金市场流动性的缺失是造成目前我国封闭式基金深度折价交易现象的主要原因。
Our results show that tick size is helpful to enhance the market efficiency of Shanghai closed-end fund market.
实证结果表明，最小报价单位影响市场效率，最小报价单位“分改厘”提高了上海封闭式基金的市场效率。
The high discount phenomenon of our closed-end fund is unreasonable, it has caused high attention of the theory & practice field.
我国封闭式基金这种普遍的高折价现象是不合乎情理的，已经引起了理论及实务界的高度重视。
The standard financial theory can't satisfactorily explain this phenomenon, therefore, we call this phenomenon closed-end fund puzzles.
由于标准金融理论很难圆满解释这一现象，因而被称为“封闭式基金之谜”。
Based on the practice situation of China stock market and the closed-end fund, the investor sentiment theory is suitable for domestic market.
基于中国股票市场与封闭式基金的实际情况，投资者情绪理论在中国还是适用的。
Article 5 in a fund contract the mode of operation of the fund shall be specified. There may be closed-end funding, open-end funding and other modes.
第五条基金合同应当约定基金运作方式。基金运作方式可以采用封闭式、开放式或者其他方式。
With a view to trade at discounts of closed-end funds, this paper tries to answer what is the character of the closed-end fund discount in Chinese market.
针对封闭式基金折价交易现象，本文解释我国封闭式基金折价交易的表现特征。
Closed-end fund discount is a puzzle which perturbs many people, for it violates the efficient market hypothesis and challenges the modern financial theory.
封闭型基金折价是一个一直困扰人们的难解之谜，它违背了有效市场假说，是对现代金融理论的一种挑战。
These years, in terms of quantity or size, the open-end fund has gradually replaced the closed-end fund and become the mainstream variety of Chinese fund market.
近年来，我国开放式基金无论在数量还是规模上都逐渐取代了封闭式基金，成为基金市场的主流品种。
This dissertation proceeds both behavioral finance and traditional finance, especially the former to understand the "closed-end fund puzzle"from the Chinese experience.
本论文尝试将行为金融学和主流金融学的思想融合在一起，尤其是前者，来研究中国的封闭式基金。
The discount of closed-end fund violates the financial theory and challenges "the Efficient Market Hypothesis", but there is no improved and convinced theory to explain it.
折价现象违背了“有效市场假说”，但至今没有完善、令人信服的理论充分解释。
However, because of the special operation environment, China closed-end fund discount has its own characteristics different from that of foreign countries, which deserve further research.
而我国的封闭式基金因为运行环境的特殊性，存在着许多有别于国外封闭式基金的特点，值得深入的研究。
Therefore, how to objectively and accurately, comprehensive evaluation closed-end funds have become fund industry and the theoretical issues of general concern and a basic research project.
因此，如何客观、准确、全面的评价封闭式基金已成为基金业界和理论界普遍关注的问题和一项基础性研究课题。
From the Angle of the agent 's cost which comes from the Principal-Agent between the investor and fund manager, the article analyses the reason of the discount of closed-end fund of our c...
该文从投资者扣基金经理之间委托代理产生的代理成本的角度，分析了我国封闭式基金折价的原因。
From the Angle of the agent's cost which comes from the principal-agent between the investor and fund manager, the article analyses the reason of the discount of closed-end fund of our country.
从投资者和基金经理之间委托代理产生的代理成本的角度，分析了我国封闭式基金折价的原因。
One retail route to the A-share market, he said, is the Morgan Stanley China a share Fund, a closed-end offering that started in 2007.
他说，一种进入A股市场的零售渠道是摩根·士丹利中国A股基金(Morgan Stanley ChinaaShare Fund)，这是从2007年开始推出的一种封闭型基金。
The closed - end fund discount phenomenon is a puzzle that has existed for a long time and has attracted much attention of economists.
封闭式基金的价格折扣现象是一个长期存在的谜题，一直备受学者关注。
Deng's fund has even outperformed the Matthews China fund (MCHFX), up 8.7% and another closed-end competitor from Boston, the China fund (CHN), which is up 6.3% YTD.
邓的基金收益率达8.7%，甚至超过了马修中国基金和另外一个来自波士顿的封闭式基金竞争者CHN，后者到目前为止的增长是6.3%。
Then, it studies the characteristic of price volatility and risk in closed-end securities investment fund market by use of ARCH models.
然后，利用自回归条件异方差模型系统研究了我国封闭式基金市场的价格波动特性，分析了基金市场的风险特征。
In the end, some conclusions which are derived from empirical analysis can be acquired. The thesis gives some advice on the development of closed-end securities investment fund from points of view.
最后，对由实证分析得出的结论进行了总结，从不同角度提出了建议，并对以后的研究方法提出改进。
In the end, some conclusions which are derived from empirical analysis can be acquired. The thesis gives some advice on the development of closed-end securities investment fund from points of view.
最后，对由实证分析得出的结论进行了总结，从不同角度提出了建议，并对以后的研究方法提出改进。
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