Exchange traded funds : is money smart? a study on flow-performance relationship.
This paper studies the relationship between investor flow and performance of Exchange Traded Funds (“ETFs”) in the United States (“US”) between 2003 - 2010. Investors often make investment decisions based on the historical performance of an investment asset, implying that a higher historical return...
| Main Authors: | , , |
|---|---|
| Other Authors: | |
| Format: | Final Year Project (FYP) |
| Language: | English |
| Published: |
2013
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/51554 |
| _version_ | 1811685528284692480 |
|---|---|
| author | Wang, Ke Jun. Ho, Mark Wei Xian. Teo, Nigel Cheng Song. |
| author2 | Nanyang Business School |
| author_facet | Nanyang Business School Wang, Ke Jun. Ho, Mark Wei Xian. Teo, Nigel Cheng Song. |
| author_sort | Wang, Ke Jun. |
| collection | NTU |
| description | This paper studies the relationship between investor flow and performance of Exchange Traded Funds (“ETFs”) in the United States (“US”) between 2003 - 2010. Investors often make investment decisions based on the historical performance of an investment asset, implying that a higher historical return may lead to higher flow. Our research, which is focused on ETFs, leads us to the same conclusion. In addition, our research has showed that ETFs that receive higher flow subsequently perform significantly poorer than those that receive lower flow, when style adjustment is incorporated into the analysis. A further investigation reveals that the underperformance could be attributed to high expenses of ETFs. |
| first_indexed | 2024-10-01T04:45:57Z |
| format | Final Year Project (FYP) |
| id | ntu-10356/51554 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T04:45:57Z |
| publishDate | 2013 |
| record_format | dspace |
| spelling | ntu-10356/515542023-05-19T06:24:02Z Exchange traded funds : is money smart? a study on flow-performance relationship. Wang, Ke Jun. Ho, Mark Wei Xian. Teo, Nigel Cheng Song. Nanyang Business School Zhang Hanjiang DRNTU::Business DRNTU::Business::Finance This paper studies the relationship between investor flow and performance of Exchange Traded Funds (“ETFs”) in the United States (“US”) between 2003 - 2010. Investors often make investment decisions based on the historical performance of an investment asset, implying that a higher historical return may lead to higher flow. Our research, which is focused on ETFs, leads us to the same conclusion. In addition, our research has showed that ETFs that receive higher flow subsequently perform significantly poorer than those that receive lower flow, when style adjustment is incorporated into the analysis. A further investigation reveals that the underperformance could be attributed to high expenses of ETFs. BUSINESS 2013-04-05T05:10:41Z 2013-04-05T05:10:41Z 2013 2013 Final Year Project (FYP) http://hdl.handle.net/10356/51554 en Nanyang Technological University 32 p. application/pdf |
| spellingShingle | DRNTU::Business DRNTU::Business::Finance Wang, Ke Jun. Ho, Mark Wei Xian. Teo, Nigel Cheng Song. Exchange traded funds : is money smart? a study on flow-performance relationship. |
| title | Exchange traded funds : is money smart? a study on flow-performance relationship. |
| title_full | Exchange traded funds : is money smart? a study on flow-performance relationship. |
| title_fullStr | Exchange traded funds : is money smart? a study on flow-performance relationship. |
| title_full_unstemmed | Exchange traded funds : is money smart? a study on flow-performance relationship. |
| title_short | Exchange traded funds : is money smart? a study on flow-performance relationship. |
| title_sort | exchange traded funds is money smart a study on flow performance relationship |
| topic | DRNTU::Business DRNTU::Business::Finance |
| url | http://hdl.handle.net/10356/51554 |
| work_keys_str_mv | AT wangkejun exchangetradedfundsismoneysmartastudyonflowperformancerelationship AT homarkweixian exchangetradedfundsismoneysmartastudyonflowperformancerelationship AT teonigelchengsong exchangetradedfundsismoneysmartastudyonflowperformancerelationship |