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  1. Competition for Attention in the ETF Space
    Autor*in: Ben-David, Itzhak; Franzoni, Francesco; Kim, Byungwook; Moussawi, Rabih
    Erschienen: 2021
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    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... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    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

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: NBER working paper series ; no. w28369
    Schlagworte: Indexderivat; Investmentfonds; USA
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  2. Corporate transactions in hard-to-value stocks
    Autor*in: Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; Roulstone, Darren
    Erschienen: November 16, 2021
    Verlag:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily depend on past returns. Corporate transactions in hard-to-value stocks outperform those in easy-to-value stocks in the early part of our sample, but this difference disappears after 2002, coinciding with a general decline in the profitability of stock market anomalies. Our evidence is consistent with managers' perception of mispricing, rather than private information, being a key motivator of their transactions

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 16
    Fisher College of Business working paper series ; WP 2021-03, 16
    Schlagworte: insiders; repurchases; seasoned equity offerings; private information; mispricing
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  3. Competition for attention in the ETF space
    Autor*in: Ben-David, Itzhak; Franzoni, Francesco; Kim, Byungwook; Moussawi, Rabih
    Erschienen: January 2021
    Verlag:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio] ; Swiss Finance Institute, Geneva

    The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios and charge high fees. Strikingly, over... mehr

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    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Keine Rechte
    Fernleihe:
    keine Fernleihe

     

    The interplay between investors' demand and providers' incentives has shaped the evolution of exchange-traded funds (ETFs). While early ETFs offered diversification at low cost, later ETFs track niche portfolios 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. Overall, providers appear to cater to investors' extrapolative beliefs by issuing specialized ETFs that track attention-grabbing themes

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 01
    Fisher College of Business working paper series ; WP 2021-03, 01
    Research paper series / Swiss Finance Institute ; no 21, 03
    Schlagworte: ETFs; investor attention; financial innovation; attention; exchange-traded funds; competition; retail investors; trading; securities; mutual funds; financial intermediation; overvaluation
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen