The real effects of exchange traded funds

This paper investigates the effects of exchange-traded funds (ETFs) on the real efficiency of the underlying securities. We document strong evidence that being held by ETFs increases the sensitivity of a firm's investment to its own stock price. This is consistent with the model prediction on t...

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Bibliographic Details
Main Authors: LI, Frank Weikai, LIU, Xuewen, SUN, Chengzhu
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2018
Subjects:
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/5949
https://ink.library.smu.edu.sg/context/lkcsb_research/article/6948/viewcontent/SSRN_id3129369.pdf
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Institution: Singapore Management University
Language: English