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 …

We examine whether an increase in ETF ownership is accompanied by a decline in pricing
efficiency for the underlying component securities. Our tests show an increase in ETF …

This paper investigates the effect of exchange-traded funds'(ETFs') activity on the short-run
informational efficiency of their underlying securities. We find that ETF activity increases …

Purpose–The purpose of this paper is to provide a brief review of three strands of the
literature on exchange‐traded funds. Design/methodology/approach–The paper starts with a …

We provide novel evidence supporting the notion that arbitrageurs can contribute to return
comovement via exchange trade funds (ETF) arbitrage. Using a large sample of US equity …

Using distinct features of corporate bond exchange-traded funds (ETFs), I find that financial
innovation has a significant and long-term positive valuation impact on the systemically …

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 …

In Exchange-Traded Funds and the New Dynamics of Investing, Ananth Madhavan
examines the quiet transformation of asset management through the rise of passive or index …

We use two extremely liquid S&P 500 ETFs to analyze the prevailing trading conditions
when mispricing allowing arbitrage opportunities is created. While these ETFs are not …

1 It must be noted that not all jurisdictions allow closed-end funds to be traded in secondary
markets. 2 The passive nature of ETFs in that they constitute investments in fixed-income …