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Are ETFs Bad for Financial Health? : Some Counterintuitive Examples

URN to cite this document: urn:nbn:de:bvb:703-epub-4176-9

Title data

Baumann, Michael Heinrich ; Baumann, Michaela ; Herz, Bernhard:
Are ETFs Bad for Financial Health? : Some Counterintuitive Examples.
Bayreuth , 2018 . - 26 S.

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Promotionsstipendium
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Project financing: Bundesministerium für Bildung und Forschung
Hanns-Seidel-Stiftung

Abstract

Exchange-traded Funds (ETFs) are easy to understand, cost-efficient, and liquid investment vehicles based on market indices that have become very popular for both institutional and retail investors. The dynamics of the index and its underlying assets are closely interlinked based on the rebalancing effect and depend among others on the different types of traders in the market, price trends in individual stocks and the overall market, as well as over- or undervaluation of individual stocks and the index. Investing in an index of assets via an ETF can generate quite complex and sometimes counterintuitive investment behaviors on the level of individual assets. Seemingly stabilizing investment strategies, such as a fundamentalist approach, on the level of the ETF might actually lead to destabilizing effects on the level of individual stocks.

Further data

Item Type: Preprint, postprint
Additional notes (visible to public): erschienen in:
Chodnicka-Jaworska, Patrycja (Hrsg.): 18th RSEP International Economics, Finance & Business Conference : Conference Proceedings. - Ankara : BC Publishing , 2020 . - S. 10-18
ISBN 978-605-06961-5-8
Keywords: Exchange-traded Funds; ETF; index fund; financial stability; trading behavior
Subject classification: JEL classification codes: D01, G10, G11
DDC Subjects: 300 Social sciences > 330 Economics
500 Science > 510 Mathematics
Institutions of the University: Faculties
Faculties > Faculty of Mathematics, Physics und Computer Science
Faculties > Faculty of Mathematics, Physics und Computer Science > Department of Mathematics
Faculties > Faculty of Mathematics, Physics und Computer Science > Department of Mathematics > Chair Mathematics V (Applied Mathematics)
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance
Faculties > Faculty of Law, Business and Economics > Department of Economics > Former Professors > Chair Economics I - International Economics and Finance - Univ.-Prof. Dr. Bernhard Herz
Profile Fields
Profile Fields > Advanced Fields
Profile Fields > Advanced Fields > Nonlinear Dynamics
Research Institutions
Research Institutions > Central research institutes
Research Institutions > Central research institutes > Bayreuth Research Center for Modeling and Simulation - MODUS
Faculties > Faculty of Law, Business and Economics > Department of Economics > Former Professors
Language: English
Originates at UBT: Yes
URN: urn:nbn:de:bvb:703-epub-4176-9
Date Deposited: 13 Feb 2019 10:41
Last Modified: 11 May 2021 08:53
URI: https://epub.uni-bayreuth.de/id/eprint/4176

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