id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fsr-3919	Richard, John E.; Wiggins, James B.	The information content of closed-end country fund discounts	2000	11	.pdf	application/pdf	5006	213	57	The results in Table 3 suggest that CECF premiums contain valuable information about future foreign stock market returns. To see if CECF premiums have information content for future foreign market returns, we regress foreign market index returns in week t on the CECF premium at the end of week t-1 and the return on the world market portfolio in week t for each of the 38 individual funds: FMRt 5 b0 1 b1PREMt-1 1 b2WMRt 1 et (3) where: 176 J.E. Richard, J.B. Wiggins / Financial Services Review 9 (2000) 171–181 FMRt 5 foreign market rate of return for week t, measured in U.S. dollars PREMt-1 5 [CECF Share Price - NAV]/NAV at the end of week t-1 WMRt 5 MSCI world market rate of return for week t, measured in U.S. dollars Since individual foreign market returns are influenced by the contemporaneous world market return, WMRt is included as a control variable.	cache/fsr-3919.pdf	txt/fsr-3919.txt