| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11988 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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