Using trades between the stablecoin treasury and private investors, we quantify how
improved arbitrage design stabilizes the price of the dominant stablecoin, Tether. We identify …

Passive investments such as exchange-traded funds (ETFs) provide an opportunity to invest
in indexes, asset classes, and sectors with low maintenance costs and high transparency …

The interplay between investors' demand and providers' incentives has shaped the
evolution of exchange-traded funds (ETFs). While early ETFs invested in broad-based …

We show that mutual fund ratings generate correlated demand that creates systematic price
fluctuations. Mutual fund investors chase fund performance via Morningstar ratings. Until …

We empirically examine the impact of industry exchange-traded funds (IETFs) on informed
trading and market efficiency. We find that IETF short interest spikes simultaneously with …

In this paper, we propose a new method to estimate non-fundamental demand shocks for
green financial assets based on the arbitrage activity of exchange-traded funds (ETFs). By …

Performance chasing is pervasive in modern investment vehicles–active mutual funds, index
mutual funds, and exchange traded funds (ETFs). Within all vehicles, the flow-performance …

Prior research suggests that nonfundamental exchange-traded fund (ETF) price shocks are
transmitted to their portfolios through an arbitrage mechanism. We test this proposition by …

Despite the ferocious rise of exchange-traded funds (ETFs), their impacts on market stability
are neither well understood nor uncontroversial. While the intermarket linkages between …

This study examines the performance dynamics of US options exchange-traded funds
(ETFs), whose investment strategy involves options contracts. Analyzing monthly returns …