Is there a dark side to exchange traded funds? An information perspective

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 ownership is associated with (1) higher trading costs (bid-ask spreads and market liquidity), (2) an increase in “stock return...

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Bibliographische Detailangaben

Veröffentlicht in:	Review of accounting studies 2017-09, Vol.22 (3), p.1048-1083
Hauptverfasser:	Israeli, Doron, Lee, Charles M. C., Sridharan, Suhas A.
Format:	Artikel
Sprache:	eng
Schlagworte:	Accounting/Auditing Business and Management Corporate Finance Costs Exchange traded funds Public Finance Securities markets Stock prices Studies
Online-Zugang:	Volltext
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