Beschreibung:
This article provides support for the notion of investor sentiment using the population of U.K.- and U.S.-traded closed-end country funds. Despite the different shareholder profiles, we find marked similarities in the timing of U.K./U.S. country fund IPOs and in the pricing structure of U.K.- and U.S.-traded funds. Using U.K. data, we document strong evidence of a robust relation between individual-investor money flowing into U.K. mutual funds and a narrowing in the discount of U.K.-traded country funds. There is no evidence of a link between the level of the discount and institutional investor activity