We study a global panel of green and conventional corporate bonds to assess the borrowing
cost advantage at issuance for green bond issuers. We find that, on average, green …

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) …

We examine the impact of ETF ownership on the commonality in liquidity of underlying
stocks, while controlling for other institutional ownership. Analyses using aggregate stock …

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

We study how the growth of exchange-traded funds (ETFs) affects the sensitivity of
international capital flows to the global financial cycle. Using comprehensive fund-level data …

Can ETFs trigger fire sales in illiquid assets? We develop and empirically examine a model
where an authorized participant (AP) holds bond inventory and connects the ETF to the …

Passive bond funds provide predictable demand for newly issued corporate bonds included
in popular indices. By issuing index-eligible bonds, firms can take advantage of this passive …

We analyze the relation between ETF ownership and firm-specific information in corporate
bond returns. ETF ownership appears to weaken bond price informativeness by altering the …

Conventional wisdom warns that exchange-traded funds (ETFs)“steal” single-stock liquidity
or force co-movement. Contra this belief, I present a theoretical model with empirical …

We examine how exchange traded funds (ETFs) affect asset pricing, and turnover in a
laboratory asset market. We focus on behavior in secondary markets with or without ETF …