We examine the propagation mechanisms of the US financial crisis that erupted in 2008 on the Asian economy, which was tightly linked to the US through exports and financial relationships. While two possible propagation channels, trade and financial channels, are identified in previous...

We show that passive ownership can reduce agency costs and affect corporate governance using novel data of a central bank’s ETF purchasing program as a source of a cross-sectional variation of passive ownership. The empirical findings document that firms with high passive ownership are more...

Using the large-scale index-linked exchange-traded fund (ETF) purchase program of the Bank of Japan (BOJ), we examine the role of unconventional equity-based monetary policies in the market liquidity of the underlying securities. Using a large sample of Japanese stocks, we document a significant...