G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11988
DP11988 The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs
Massimo Massa; Si Cheng; Hong Zhang
发表日期2017-04-23
出版年2017
语种英语
摘要The global ETF industry provides more complicated investment vehicles than just low-cost index trackers. Instead, we find that the real investments of ETFs deviates from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability), and to help affiliated OEFs through cross-trading. These effects are more prevalent in ETFs domiciled in Europe. Market awareness of such additional risk is reflected in ETF outflows. These results have important normative implications for consumer protection and financial stability
主题Financial Economics
关键词Etfs Subsidization Banks Shadow banking Distress
URLhttps://cepr.org/publications/dp11988
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/540800
推荐引用方式
GB/T 7714
Massimo Massa,Si Cheng,Hong Zhang. DP11988 The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs. 2017.
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