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Globales Wachstum von Exchange Traded Funds seit 2007 - Analyse der Chancen und Risiken

  • In the period from 2007 to October 2017, exchange traded funds (ETFs) exhibited an exceptional growth in assets under management from 0.8 to 4.4 trillion US-Dollar, causing significant developments within the financial industry that raised concerns regarding their negative impact on market quality and systemic risk. This work examines the development of ETFs and evaluates their effects on the financial system by conducting an analysis of secondary research and market data. Thereby, the findings do not recognise a significant risk stemming from ETFs, but in fact identify multiple necessary areas of research. Firstly, it is demonstrated that the growth of ETFs benefits investors through their stimulating effect on competition within the fund industry, as well as their essential role in robo-advise. Moreover, the alleged negative effect of passive ETF investments on companies’ corporate governance are examined and in fact turn out to exhibit a positive impact. Furthermore, it is shown that ETFs deteriorate liquidity and information efficiency of their underlying stocks in the long run, yet there has been no examination of the implications so far. Lastly, it becomes apparent that the pricing mechanism of ETFs requires further exploration as there are proofs of an inherent capability of transferring and amplifying liquidity shocks between ETFs and their underlying assets, causing price distortions and drops.

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Author:Dennis Koch
Advisor:Michael Lederer
Document Type:Bachelor Thesis
Year of Completion:2018
Granting Institution:Hochschule Furtwangen
Date of final exam:2018/01/26
Release Date:2018/01/30
Tag:Indexfonds; Investmentfonds
Page Number:61
Degree Program:IBW - Internationale Betriebswirtschaft
Functional area:Finance & Accounting
Licence (German):License LogoUrheberrechtlich geschützt