Wong, Karen; Shum, Wai Cheong - In: Applied Economics Letters 17 (2010) 16, pp. 1615-1624
An Exchange-Traded Fund (ETF) aims to track the performance of market indices. This article examines the performances of 15 worldwide ETFs across bearish and bullish markets over the period 1999 to 2007. The results indicate that ETFs always provide higher returns in a bullish market than in a...