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 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 …

We study the effect of corporate social responsibility (CSR) on shareholder value. We argue
that long-term investors can ensure that managers choose the amount of CSR that …

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 …

Exchange traded funds (ETFs) have a novel design that allows them to “open up” illiquid
markets hitherto resistant to index products. We demonstrate that such ETFs also have the …

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 empirically examine the impact of industry exchange-traded funds (IETFs) on informed
trading and market efficiency. We find that IETF short interest spikes simultaneously with …

The prices of exchange-traded funds (ETFs) can deviate significantly from their net asset
values (NAVs), in spite of the arbitrage mechanism that allows authorized participants to …

A natural liquidity mismatch emerges when liquid exchange traded funds (ETFs) hold
relatively illiquid assets. We provide a theory and empirical evidence showing that this …