The Efficiency of Net Asset Values for Asian–Country Mutual Funds in the US
研究发现美国亚洲国家共同基金的资产净值因时差存在低效，可带来6到12倍的纯收益提升，并提出简单交易规则来利用这种信息偏差。
The net asset values for Asian–country mutual funds in the US come from the underlying market’s close a half–day earlier and create inefficiencies that improve returns 6 to 12 times in a pure sense. While these are mitigated because of loads, restrictions on trading and fair value pricing, informational biases exist in trading such funds. These can be exploited with a simple rule: If one plans to trade at all, then one should buy (sell) the fund after its own Asian–country index falls (rises). Basing NAVs on the underlying market’s close after the NY market closes can eliminate this inefficiency.