Tài liệu
Exchange-Traded Funds (ETFs) and Stock Liquidity: Vietnamese Evidence
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169
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17
Tóm tắt
The paper examines how the introduction of Vietnamese exchange-traded funds (ETFs) impacts on the liquidity of the underlying stocks. We found that the component stock’s liquidity decreased after Deutsche Bank Xtrackers (DBX) - the fist Vietnamese-based ETF - was introduced in 2008, but signifiantly improved after the introduction of the other two ETFs, the VanEck Vectors Vietnam ETF (VNM) in 2009 and the E1VFVN30 in 2014. In addition, the stock liquidity change is more pronounced for the stocks that had lower weight in the ETFs. The empirical fidings may result in policy implications about the effcts of ETF creation on the Vietnam stock market under diffrent trends of the stock market. ETF creation not only provides a new and alternative investment, but is also a diversifid and transparent investment tool for Vietnamese investors.
Mô tả
economic banking economy
Tác giả
Nguyen, Thi Minh Hue
Do, Phuong Huyen
Người hướng dẫn
Nơi xuất bản
Nhà xuất bản
Kinh Tế Quốc Dân
Năm xuất bản
2019
ISBN
1936-0020
ISSN
Từ khóa chủ đề
Adverse selection , ETF , inter-arbitrage , investor recognition , liquidity.
Trích dẫn
Bộ sưu tập
Tệp tin
Article 3_JED_Vol 21_Special Issue.pdf
D:\NEU_DSpace\tapchitienganh
Dung lượng: 512.54 KBĐịnh dạng: pdf
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