| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28369 |
| 来源ID | Working Paper 28369 |
| Competition for Attention in the ETF Space | |
| Itzhak Ben-David; Francesco Franzoni; Byungwook Kim; Rabih Moussawi | |
| 发表日期 | 2021-01-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs invest in broad-based indexes and therefore offered diversification at low cost, later products track niche port- folios and charge high fees. Strikingly, over their first five years, specialized ETFs lose about 30% in risk-adjusted terms. This underperformance cannot be explained by high fees or hedging demand. Rather, it is driven by the overvaluation of the underlying stocks at the time of the launch. Our results are consistent with providers catering to investors' extrapolative beliefs by issuing specialized ETFs that track attention- grabbing themes. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w28369 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586043 |
| 推荐引用方式 GB/T 7714 | Itzhak Ben-David,Francesco Franzoni,Byungwook Kim,et al. Competition for Attention in the ETF Space. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28369.pdf（667KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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