Market Volatility Characteristics Of Closed-end Funds

Since England initiated "the overseas colony government trust fund" in 1868, and especially after the 20th century 70's, the world fund market has obtained the fast development. The securities investment fund has become the important financial tool in the money market at present, and has had the intense influence and the impact to the various countries' money market and the economic system. Our country's securities investment fund also obtained the fast development in recent years, and appeared many kinds of investments style type.Because the stock reflects the property rights relation, the bond reflects the debt relation, but the negotiable securities investment fund reflected the entrusting-acting relationship between the fund investor and the fund supervisor, therefore, the fund has different risk characteristic. However, at present, the majority of domestic and foreign literature basically all aims at finance tools such as stock, bond, but less research on the risk of negotiable securities investment fund, especially less on the closed-end fund market fluctuation characteristic research.This article expects through analysis of the relation between closed-end fund market and the stock market and of fluctuation cluster characteristic analysis, further knows closed-end fund market in our country, in order to propose the effective management measures and the policy suggestion.Research significance of the paper is as following:It is necessary to perfect our country securities investment fund risk fundamental research. The closed-end fund is one of the most important part in the negotiable securities investment fund , the research on the closed-end fund market fluctuation characteristic , may change the status which already takes the open style fund market risk as the main research...