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.

中文翻译：

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英国投资信托基金估值和投资者行为，1880 年至 1929 年

本研究着眼于英国投资信托基金在 1880 年代作为公司出现后 50 年的估值。基于从主要来源编制的庞大而独特的数据集，我们的计算揭示了投资信托的普通股价格与其基础净资产“基本”价值之间的巨大差异。这种错配是现代金融市场中一个众所周知的难题，并引起了大量研究，因为它对市场效率的概念提出了质疑。我们调查了这个定价难题的可能解释，并阐明了 1930 年代之前英国投资者的行为。