Over nearly a quarter of a century, exchange-traded funds (ETFs) have become one of the
most popular passive investment vehicles among retail and professional investors because …

The heft of non-bank financial intermediaries (NBFIs) has grown significantly after the Great
Financial Crisis. This paper reviews structural shifts in intermediation and how NBFIs have …

The past two decades have seen a significant shift from active to passive investment
strategies. We examined how this shift affects financial stability through its impacts on (1) …

Due to their low trading costs, exchange‐traded funds (ETFs) are a potential catalyst for
short‐horizon liquidity traders. The liquidity shocks can propagate to the underlying …

The COVID-19 pandemic has led to an unprecedented situation, with incalculable health,
social, and economic consequences. At the start of the outbreak, the financial markets …

Large institutional investors own an increasing share of the equity markets in the United
States. The implications of this development for financial markets are still unclear. The paper …

Non-fundamental demand shocks have significant effects on asset prices, but observing
these shocks is challenging. We use the exchange-traded fund (ETF) primary market to …

Exchange-traded funds (ETFs) belong to the fastest growing investment products worldwide.
Within 15 years, total assets invested in ETFs have twenty-folded, reaching over $3.7 trillion …

Exchange-traded funds (ETFs) are among the most important financial intermediaries. Their
assets under management have grown quickly since their first appearance in 1993 …

The immense growth of ETFs is often attributed to their intraday liquidity and low expenses,
which are favored by short-term investors. This paper argues that lesser known, yet …