International Investment Restrictions and Closed‐End Country Fund Prices
研究国际投资限制是否通过分割资本市场导致封闭式国家基金价格相对其净资产价值出现大幅溢价，基于1981至1989年周数据检验投资限制变化公告与基金溢价率的关系。
ABSTRACT Some closed‐end country funds trade at large premiums relative to their net asset values. This paper examines whether international investment restrictions raise country fund price‐net asset value ratios by segmenting international capital markets. We test whether a relation exists between announcements of changes in investment restrictions and changes in these ratios using weekly data from May 1981 to January 1989. The results provide evidence that some foreign markets are at least partially segmented from the U.S. capital market.