Copy the page URI to the clipboard
Sotiropoulos, Dimitris; Rutterford, Janette and Tori, Daniele
(2022).
DOI: https://doi.org/10.1017/S0022050722000365
Abstract
This study looks at the valuation of UK investment trusts for the fifty years following their appearance as companies in the 1880s. Based on a large and unique dataset compiled from primary sources, our calculations reveal huge variation between the ordinary share prices of investment trusts and their underlying net asset ‘fundamental’ values. This mismatch is a well-known puzzle in modern financial markets and has attracted a large volume of research because it casts doubt on the concept of market efficiency. We investigate possible explanations for this pricing puzzle and shed light on UK investor behavior before the 1930s.
Viewing alternatives
Download history
Metrics
Public Attention
Altmetrics from AltmetricNumber of Citations
Citations from DimensionsItem Actions
Export
About
- Item ORO ID
- 81036
- Item Type
- Journal Item
- ISSN
- 1471-6372
- Academic Unit or School
-
Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL) - Research Group
- History and Political Economy (HYPE) of Business and Finance
- Copyright Holders
- © 2022 The Authors
- Depositing User
- Dimitris Sotiropoulos