Exchange-traded funds and real investment

• Main Authors: ANTONIOU, Constantinos, LI, Frank Weikai, LIU, Xuewen, SUBRAHMANYAM, Avanidhar, SUN, Chengzhu
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2023
• 主題: ETFs; Real Efficiency; Managerial Learning; Feedback Effects; Finance; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/7060; https://ink.library.smu.edu.sg/context/lkcsb_research/article/8059/viewcontent/Exchange_Traded_Funds_and_Real_Investment.pdf

We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry E...