| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15762 |
| DP15762 Competition for Attention in the ETF Space | |
| Itzhak Ben-David; Francesco Franzoni; Byungwook Kim; Rabih Moussawi | |
| 发表日期 | 2021-02-03 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Exchange-traded funds (ETFs) are the most prominent financial innovation of the last three decades. Early ETFs offered broad-based portfolios at low cost. As competition became more intense, issuers started offering specialized ETFs that track niche portfolios and charge high fees. Specialized ETFs hold stocks with salient characteristics---high past performance, media exposure, and sentiment---that are appealing to retail and sentiment-driven investors. After their launch, these products perform poorly as the hype around them vanishes, delivering negative risk-adjusted returns. Overall, financial innovation in the ETF space follows two paths: broad-based products that cater to cost-conscious investors and expensive specialized ETFs that compete for the attention of unsophisticated investors. |
| 主题 | Financial Economics |
| 关键词 | Etfs Financial innovation Competition for attention |
| URL | https://cepr.org/publications/dp15762 |
| 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/544764 |
| 推荐引用方式 GB/T 7714 | Itzhak Ben-David,Francesco Franzoni,Byungwook Kim,et al. DP15762 Competition for Attention in the ETF Space. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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