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Exchange-traded funds and the new dynamics of investing

Author: Ananth N Madhavan
Publisher: New York : Oxford University Press, 2016.
Series: Financial Management Association survey and synthesis series.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"In Exchange-Traded Funds and the New Dynamics of Investing, Ananth Madhavan examines the quiet transformation of asset management through the rise of passive or index investing. A closely-related phenomenon is the rise of exchange-traded funds (ETFs). An ETF is an investment vehicle that trades intraday and seeks to replicate the performance of a specific index. ETFs have grown substantially in size, diversity, and
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Madhavan, Ananth N.
Exchange-traded funds and the new dynamics of investing.
New York : Oxford University Press, 2016
(DLC) 2016008336
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ananth N Madhavan
ISBN: 9780190279424 0190279427 9780190279400 0190279400
OCLC Number: 944211387
Description: 1 online resource.
Contents: Cover ; Series ; Exchange-Traded Funds and the New Dynamics of Investing; Copyright ; Contents ; Preface ; Acknowledgments ; Part I Passive Investing; 1. The Current Landscape ; 1.1. Introduction ; 1.2. Active and Passive Investing ; 1.2.1. Rise of Indexing ; 1.2.2. Investment Strategies. 1.3. Evolution of Investment Ideas 1.3.1. Benchmarks ; 1.3.2. Determinants of Active Performance ; 1.3.3. Purity Hypothesis ; 1.4. Investment Vehicles ; 1.4.1. Exchange-Traded Funds and Other Fund Structures; 1.4.2. Advantages of the ETF Structure ; 1.4.3. Asset Classes and Diversity of Exposures. 1.4.4. Criticisms of Passive Indexing and ETFs 1.5. Chapter Summary ; 2. Structure and Mechanics ; 2.1. Introduction ; 2.2. ETF Structure ; 2.2.1. Authorized Participants ; 2.2.2. Creation/Redemption Mechanism; 2.2.3. Arbitrage:€Value and Price ; 2.2.4. In-Kind Transactions and Tax Efficiency; 2.3. Nomenclature. 2.4. Governance, Management Structure, and Legal Aspects 2.4.1. Fundamentals of Regulation ; 2.4.2. Exemptive Relief ; 2.5. Industrial Organization ; 2.6. Chapter Summary ; Part II Valuation, Pricing, and Trading; 3. Price Dynamics and Arbitrage ; 3.1. Introduction ; 3.2. Conceptual Framework. 3.2.1. Definitions 3.2.2. Pricing and Liquidity ; 3.2.3. Speed of Arbitrage ; 3.2.4. Premiums and Discounts ; 3.2.5. Special Cases of the Model ; 3.2.6. Practical Illustration ; 3.3. Theoretical Results ; 3.3.1. Decomposition of Premiums ; 3.3.2. Economic Significance.
Series Title: Financial Management Association survey and synthesis series.
Responsibility: Ananth N. Madhavan.

Abstract:

Exchange-traded funds (ETFs) have grown substantially in size, diversity, and market significance in recent years, generating considerable interest from investors, academics, regulators and the  Read more...

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