Steering a Ship in Illiquid Waters: Active Management of Passive Funds
收藏NBER2022-05-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w30039
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资源简介：
Exchange-traded funds (ETFs) are typically viewed as passive index trackers. In contrast, we show that corporate bond ETFs actively manage their portfolios, trading off index tracking against liquidity transformation. In our model, ETFs optimally choose creation and redemption baskets that include
提供机构：
美国国家经济研究局
创建时间：
2022-05-01
