第三章为我国封闭式基金折价现状分析。
Chapter Three analyzed the status quo of the discount on China's closed-end funds.
我国封闭式基金当前的市场价格存在着折价。
The shares of our country's closed end funds sell at discounts.
我国封闭式基金的深度折价使得我国封闭式基金边缘化。
The deep discount makes our country's closed-end funds marginalized.
且不需要缴纳印花税的封闭式基金交易量也没有显著下降。
The shares turnover of closed-funds did not change after the event days.
这么多资金争相购买新的封闭式基金，但在经验主义的作用市场。
So many funds scramble to buy the new closed-end funds, there are markets in the role of empiricism.
至于封闭式基金，其对外发行的股份数量则为固定的，无法增加。
As for the close-ended fund, the number of stocks issued is fixed.
有许多封闭式基金相对它们的基金资产净值有两位数百分比的折扣。
There are numerous closed-end muni funds trading at double-digit percentage discounts to their NAVs.
第四章为我国封闭式基金折价的实证分析部分，是全文的核心章节。
Chapter Four did the empirical analysis on the discount of China's closed-end funds. It was the core of the full article.
与封闭式基金相比，开放式基金能更有效地防止逆向选择和道德风险。
Compared with close-ended fund, open-ended fund keep away moral hazard and adverse selection effectively.
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。
The closed - end fund discount phenomenon is a puzzle that has existed for a long time and has attracted much attention of economists.
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”。
The standard financial theory can't satisfactorily explain this phenomenon, therefore, we call this phenomenon closed-end fund puzzles.
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。
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.
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。
The liquidity lack of fund market is the main reason that cause the discount of closed-end fund of our country.
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。
Based on the practice situation of China stock market and the closed-end fund, the investor sentiment theory is suitable for domestic market.
本文用期权理论对封闭式基金进行定价，从而得到了新基金折价交易的科学解释。
Moreover, getting scientific explanation about why close fund discount bargain in the help of option theory.
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 high discount phenomenon of our closed-end fund is unreasonable, it has caused high attention of the theory & practice field.
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。
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.
在现有的证券市场上的基金，包括封闭式基金和开放式基金，具有收益性功能和增值潜能的特点。
In the fund on existing security market, include enclosed fund and open mode fund, have the characteristic of profitability function and appreciation potential.
本文以实证研究为主，结合理论分析，分别对封闭式基金和普通股A股的最小报价单位进行分析。
My paper studies from empirical analysis and theory, and analyzes the tick for fund market and A stock market.
但是，国外的实证研究表明，封闭式基金存在着长期折价交易现象，这令标准金融理论感到困惑。
However, a great deal of empirical research reveals that deviations between the fundamental value and NAV exist in financial markets.
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。
This dissertation proceeds both behavioral finance and traditional finance, especially the former to understand the "closed-end fund puzzle"from the Chinese experience.
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 c...
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。
Chapter two is "the choice of tools those are used in the empirical analysis of the closed-end fund".
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。
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.
部分业内人士指出，上周封闭式基金下跌，主要是经验丰富的前行动，对场外争夺筹集资金后获利回吐。
Some industry insiders pointed out that last week's closed-end funds fell mainly experienced pre-up, over-the-counter scramble to raise funds after profit-taking.
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。
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.
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。
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。
Our results show that tick size is helpful to enhance the market efficiency of Shanghai closed-end fund market.
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