U.K. Investment Trust Valuation and Investor Behavior, 1880–1929

Author:

Sotiropoulos Dimitris P.ORCID,Rutterford Janette,Tori DanieleORCID

Abstract

This study looks at the valuation of U.K. investment trusts for the 50 years following their appearance as companies in the 1880s. Based on a large and unique dataset compiled from primary sources, our calculations reveal a huge variation between the ordinary share prices of investment trusts and their underlying net asset “fundamental” values. This mismatch is a well-known puzzle in modern financial markets and has attracted a large volume of research because it casts doubt on the concept of market efficiency. We investigate possible explanations for this pricing puzzle and shed light on U.K. investor behavior before the 1930s.

Publisher

Cambridge University Press (CUP)

Subject

Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics,History

Reference74 articles.

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