Trans-national approaches to locally situated concerns: exploring the meanings of post-socialist space

The need to examine critially existing understandings of processes of societal change in Russia and Central and Eastern Europe (CEE) has formed a key area of debate in recent years. Suggested means for furthering this debate include an examination of the meaning and usefulness of the post-socialist category, a critique of the conceptual and practical divides between East and West, attention to the various impacts of change at the local level, and an active engagement with a wide range of actors (academics, policymakers and practitioners) working both in the UK and in the regions in question

The Portfolio Allocation Effects of Investor Sentiment about the Ability of Managers to Beat the Market

I present a model that can transform discounts on closed-end mutual funds into a measure of investor sentiment about the ability of fund managers to beat the market. This measure of sentiment varies positively with capital flows into actively managed open-end mutual funds, but negatively with capital flows into passively managed index funds. Investors appear to re-allocate their portfolios between actively and passively managed investment vehicles based on expectations about by how much managers will beat or trail the market.

Closed-end Fund Discounts and Interest Rates: Positive Covariance in US Data after 1985

Previous papers find no relationship between interest rates and the discounts of US closed-end funds before 1985. This is taken as evidence against management fees being a cause of discounts because a negative relationship is expected: if interest rates rise, you would expect to see discounts fall as the present value of future fees is reduced. But from 1985 forward, there has been a strong positive relationship between interest rates and discounts. This supports an alternative view in which the discount varies positively with interest rates because bond yields are an alternative return against which closed-end funds must compete.