数字技术与经济金融学术午餐会（第11期）

摘要：

This paper studies the decision by an asset manager to launch an exchange-traded fund (ETF). Unlike the actively-managed open-ended funds (OEFs), whose launching decisions depend heavily on past performance, families' decisions to launch ETFs are driven primarily by investor flows and are subject to objective market conditions. Extreme market concentration in the ETF industry deters new entrance from non-big families. Among families offering both OEFs and ETFs, those demonstrating outstanding active performance tend to stretch on the brand names and launch new ETFs in their outperforming investment objectives. The introduction of a new ETF does not alter family performance on average, but significantly improves the percentage flows into the family and allows the family to charge lower fees. Finally, an ETF launched by a larger family into a liquid objective, and whose inception is backed by sufficient flows into the family is more likely to survive. While ETFs launched into hot objectives are more likely to fail earlier.

主讲人介绍：

郑馨睿，中南财经政法大学金融学院投资系专任教师，英国剑桥大学Judge商学院金融学博士。主要研究方向为资产管理与金融中介机构。工作论文获得2021年美国南方金融协会(SFA)优秀论文奖。工作论文研究结果曾被英国金融时报子刊BoardIQ以及德国Institutional Money杂志采访引用。