题 目：Closed-end Funds and the Financial Crisis
主讲人：Sophie X. Kong (Western Washington University)
时 间：2013年12月9日(星期一)19：00
地 点：主楼418会议室
主讲人简介：
      孔教授早年毕业于南京大学，在Florida State University获得硕士、博士学位，曾在Kansas State University从事教学工作，目前在Western Washington University从事教学工作，副教授。相关论文发表在Journal of Business & Economics Research、Journal of Portfolio Management、Journal of Financial Research等。
内容简介：
       We compare the impact of the recent financial crisis on open-end and closed-end mutual funds due to the difference in their organization structure: presence/absence of redemption pressure. Our primary findings are that the structural advantage of closed-end funds, i.e. absence of redemption pressure, is valuable and that such value is dynamic depending on market conditions. The structural advantage is stronger in the more volatile sectors of the market, i.e. equity sectors, and is strongest at the deepest of the crisis. Specifically, open-end bond funds outperformed their closed-end counterparts in 2008, while in sharp contrast, open-end equity funds underperformed closed-end equity funds in 2008.