The Determinants of Exchange-Traded Fund Starts
碩士 === 元智大學 === 財務金融學系 === 96 === This study examines the determinants of Exchange Traded Fund (ETF) starts, using 367 ETFs that are opened during the period 1993 to 2006. Several data sets are utilized in this study, including Center for Research in Security Prices (CRSP), CRSP Survivor-Bias-Free U...
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ndltd-TW-096YZU053040232015-10-13T13:48:21Z http://ndltd.ncl.edu.tw/handle/95319499620006053847 The Determinants of Exchange-Traded Fund Starts 指數股票型基金上市之影響因素研究 In-Pei Lin 林穎珮 碩士 元智大學 財務金融學系 96 This study examines the determinants of Exchange Traded Fund (ETF) starts, using 367 ETFs that are opened during the period 1993 to 2006. Several data sets are utilized in this study, including Center for Research in Security Prices (CRSP), CRSP Survivor-Bias-Free US Mutual Fund Database, and Morningstar/Ibbotson Associate database. There are several findings. First, on average, ETF sponsors have the timing ability to open an ETF, suggesting that an investor can buy an ETF once it is opened and hold it until one-to-three years in order to earn a positive abnormal return. Second, the prior one-year return performance of an ETF sponsor is positively related to the likelihood of an ETF opening, a result consistent with the “brand name” hypothesis that when an existing ETF of a sponsor performs well, the sponsor is more likely to start a new ETF in order to capitalize its brand name. Christine W. Lai 賴慧文 2008 學位論文 ; thesis 37 en_US |
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碩士 === 元智大學 === 財務金融學系 === 96 === This study examines the determinants of Exchange Traded Fund (ETF) starts, using 367 ETFs that are opened during the period 1993 to 2006. Several data sets are utilized in this study, including Center for Research in Security Prices (CRSP), CRSP Survivor-Bias-Free US Mutual Fund Database, and Morningstar/Ibbotson Associate database. There are several findings. First, on average, ETF sponsors have the timing ability to open an ETF, suggesting that an investor can buy an ETF once it is opened and hold it until one-to-three years in order to earn a positive abnormal return. Second, the prior one-year return performance of an ETF sponsor is positively related to the likelihood of an ETF opening, a result consistent with the “brand name” hypothesis that when an existing ETF of a sponsor performs well, the sponsor is more likely to start a new ETF in order to capitalize its brand name.
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author2 |
Christine W. Lai |
author_facet |
Christine W. Lai In-Pei Lin 林穎珮 |
author |
In-Pei Lin 林穎珮 |
spellingShingle |
In-Pei Lin 林穎珮 The Determinants of Exchange-Traded Fund Starts |
author_sort |
In-Pei Lin |
title |
The Determinants of Exchange-Traded Fund Starts |
title_short |
The Determinants of Exchange-Traded Fund Starts |
title_full |
The Determinants of Exchange-Traded Fund Starts |
title_fullStr |
The Determinants of Exchange-Traded Fund Starts |
title_full_unstemmed |
The Determinants of Exchange-Traded Fund Starts |
title_sort |
determinants of exchange-traded fund starts |
publishDate |
2008 |
url |
http://ndltd.ncl.edu.tw/handle/95319499620006053847 |
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