01369nas a2200169   4500008004100000245008900041210006900130260000900199300001200208490000700220520078300227653001201010100001901022700001701041700001401058856012701072       2005                        eng d00aA NAV a Day Keeps the Inefficiency Away?  Fund Trading Strategies using Daily Values0 aNAV a Day Keeps the Inefficiency Away Fund Trading Strategies us  c2005  a213-2300 v143 aPrevious research documents the value of closed-end fund trading rules based on the size of theweekly discount. The growing number of closed-end funds that provide daily net asset value data
provides an opportunity to test the profitability of short-term fund trading strategies. We find that
short-term trading strategies that purchase fund shares after large negative discount changes are
profitable, on average, even when transaction costs are incorporated. However, strategies that short
sell fund shares after large positive discount changes do not produce an average profit. The limited
amount of trading in closed-end funds may make it difficult to achieve short-term profits from discount
fluctuations. © 2005 Academy of Financial Services. All rights reserved.
10aFinance1 aHughen, J., C.1 aMathew, Prem1 aRagan, K.  uhttps://stage.business.oregonstate.edu/biblio/nav-day-keeps-inefficiency-away-fund-trading-strategies-using-daily-values-200531nas a2200133   4500008004100000245008900041210006900130260000900199653001200208100001700220700001900237700001400256856012700270       2005                        eng d00aA NAV a Day Keeps the Inefficiency Away?  Fund Trading Strategies using Daily Values0 aNAV a Day Keeps the Inefficiency Away Fund Trading Strategies us  c200510aFinance1 aMathew, Prem1 aHughen, J., C.1 aRagan, K.  uhttps://stage.business.oregonstate.edu/biblio/nav-day-keeps-inefficiency-away-fund-trading-strategies-using-daily-values-301644nas a2200169   4500008004100000245010300041210006900144260000900213300001200222490000700234520104000241653001201281100001701293700001501310700001401325856013501339       2004                        eng d00aA Re-examination of Information Flow in Financial Markets: The Impact of Reg FD and Decimalization0 aReexamination of Information Flow in Financial Markets The Impac  c2004  a123-1470 v433 aWe investigate the impact of Regulation FD on information flow in the equities market. Our analysis indicates that information flow around earnings announcements, proxied by abnormal return volatility around those announcements, of U.S. stocks increased in the first effective quarter of Regulation FD (the fourth quarter of 2000). The information flow of ADRs, which are exempt from Regulation FD, does not change. This supports the inference that Regulation FD, not general market conditions, caused the increase in volatility, but Regulation FD did not have a persistent impact on information flow. A multivariate regression analysis shows that our results are robust to controls that include decimalization, which was implemented concurrently with Regulation FD and has reduced return volatility. Our comparison of return volatilities across firm size indicates that small firms temporarily had larger return volatilities, thus Regulation FD only temporarily had a differential impact on the information environment of small firms.10aFinance1 aMathew, Prem1 aHughen, C.1 aRagan, K.  uhttps://stage.business.oregonstate.edu/biblio/re-examination-information-flow-financial-markets-impact-reg-fd-and-decimalization-0