This paper examines performance of 95 actively managed U.S. sector equity mutual funds from 29 fund families relative to their peer exchange-traded funds, SPDR sector ETFs, in the period of 2008 to 2017. Our results do not show considerable evidence that actively managed sector mutual funds...

In the United States, exchange-traded funds can defer capital gains taxes of their investors by taking advantage of a legal loophole. To quantify the impact of this tax loophole on investor portfolios, we study a rank-dependent expected utility model. We develop an approximation formula for the...

New technologies can have a significant impact on how capital is distributed in the economy. Over the past five decades, passive investments – index funds and exchange-traded funds – have grown to account for more than half of all equity assets managed by the U.S. financial industry,...

A method was earlier devised to harvest most of the potential gain in bull markets while avoiding most of the pain in bear markets. The method focuses on a buy-the-market and hold strategy when measured volatility is low. When this condition is violated, a moving average look-back with...

The goal of this article is to study the relationship between investor sentiment and Euro area Exchange Traded Funds (ETFs), providing insights into the dynamics of market behaviour and the impact of consumer behaviour on investment patterns within the Eurozone. This paper has employed panel...

Exchange Traded Funds (ETFs) have proven to be extremely popular amongst both retail and institutional investors. The increasing interest in this asset class may incite overconfidence in its' investor base, which could lead to undesirable market effects such as security mispricing, excess...