参与式 ETF 与公司业绩

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-09-26 DOI:10.1111/eufm.12459

Izidin El Kalak, Robert Hudson, Onur K. Tosun

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引用次数: 0

摘要

交易所交易基金（ETF）通常跟踪指数并收取低廉的费用，因此其提高公司业绩的动机值得怀疑，尽管很少有实证研究对这一问题进行调查。不过，从理论上讲，我们预计当参与度较高的 ETF 持有公司股票时，公司业绩会更好。我们使用加权平均集中度度量方法开发了一种新的参与度度量方法，该方法可以捕捉到投资于一家公司的 ETF 投资组合的集中度和这些 ETF 对该公司的所有权的综合影响。利用 2000-2019 年期间 ETF 对美国上市公司的投资，我们证实了我们的预期，即参与度更高的 ETF 会提高公司业绩。

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Engaged ETFs and firm performance

Exchange Traded Funds (ETFs) have often tracked indices and charged low fees so their incentives to improve firm performance are questionable although little empirical work has investigated this issue. Theoretically, however, we expect firms to perform better when held by more engaged ETFs. We develop a new measure of engagement using a weighted-average concentration measure which captures the combined effect of the concentration of the portfolios of the ETFs investing in a firm and the ownership of the firm by those ETFs. Using ETFs' investment in US-listed firms for the period 2000–2019, we confirm our expectations that more engaged ETFs improve firm performance.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.