Paradoks zamkniętych funduszy inwestycyjnych, na przykładzie wybranych FIZ, na polskim rynku kapitałowym
The End-closed Funds Puzzle, for Example Selected FIZ on the Polish Capital Market

Summary/Abstract: Purpose – This paper was presented the problem of the difference between valuation certificates selected closed-end funds and the valuation of assets included in the fund. Design/Methodology/approach – The study uses the Markowitz model to determine the standard deviation of the portfolio of the fund and compared with a standard deviation for investment certificate and used the test was of significance for the two averages. Findings – confirmed the existence of the closed-end funds puzzle for three surveyed equity funds. Significance test for two averages confirm the existence of a closed-end funds puzzle, especially for fund KBC Sector Allocation FIZ. Originality/Value – Paying attention to the portfolios selected FIZ, comparing it to the valuation of investment certificates. So far on the Polish market, the lack of studies confirming closed-end funds puzzle based on the valuation of shares included in the portfolio of FIZ.

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