Journal article
Open-end organizational structures and limits to arbitrage
- Abstract:
-
We provide evidence that open-end organizational structures undermine incentives for asset managers to attack long-term mispricing. We compare open-end funds with closed-end funds. Closed-end funds purchase more underpriced stocks than do open-end funds, especially if the stocks involve high arbitrage risk. We then show that hedge funds with highshare restrictions having a lower degree of open-endedness also trade against long-term mispricing to a larger extentthan do other hedge funds. Our a...
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- Publication status:
- Published
- Peer review status:
- Peer reviewed
Actions
Authors
Bibliographic Details
- Publisher:
- Oxford University Press Publisher's website
- Journal:
- Review of Financial Studies Journal website
- Volume:
- 31
- Issue:
- 2
- Pages:
- 773–810
- Publication date:
- 2017-07-10
- Acceptance date:
- 2017-03-10
- DOI:
- EISSN:
-
1465-7368
- ISSN:
-
0893-9454
Item Description
- Keywords:
- Pubs id:
-
pubs:685555
- UUID:
-
uuid:5daaacd5-dd28-4a3a-b459-2218029af8b0
- Local pid:
- pubs:685555
- Source identifiers:
-
685555
- Deposit date:
- 2017-03-14
Terms of use
- Copyright holder:
- Giannetti and Kahraman
- Copyright date:
- 2017
- Notes:
- Copyright © 2017 The Authors. Published by Oxford University Press on behalf of The Society for Financial Studies. This is the accepted manuscript version of the article. The final version is available online from Oxford University Press at: https://doi.org/10.1093/rfs/hhx057
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