Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/94869
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dc.contributorSchool of Accounting and Financeen_US
dc.creatorAntoniou, Cen_US
dc.creatorLi, FWen_US
dc.creatorLiu, Xen_US
dc.creatorSubrahmanyam, Aen_US
dc.creatorSun, Cen_US
dc.date.accessioned2022-08-30T08:15:13Z-
dc.date.available2022-08-30T08:15:13Z-
dc.identifier.issn0893-9454en_US
dc.identifier.urihttp://hdl.handle.net/10397/94869-
dc.language.isoenen_US
dc.publisherOxford University Pressen_US
dc.rights© The Author(s) 2022. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.en_US
dc.rightsThis is a pre-copyedited, author-produced PDF of an article accepted for publication in the Review of Financial Studies following peer review. The version of record Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun, Exchange-Traded Funds and Real Investment, The Review of Financial Studies, Volume 36, Issue 3, March 2023, Pages 1043–1093 is available online at: https://doi.org/10.1093/rfs/hhac043.en_US
dc.titleExchange-traded funds and real investmenten_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage1043en_US
dc.identifier.epage1093en_US
dc.identifier.volume36en_US
dc.identifier.issue3en_US
dc.identifier.doi10.1093/rfs/hhac043en_US
dcterms.abstractWe investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin’s q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers’) stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationReview of financial studies, Mar. 2023, v. 36, no. 3, p. 1043–1093en_US
dcterms.isPartOfReview of financial studiesen_US
dcterms.issued2023-03-
dc.identifier.isiWOS:000838797800001-
dc.description.validate202208 bckwen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumbera1438, a2021, a2747a-
dc.identifier.SubFormID44993, 46320, 48216-
dc.description.fundingSourceSelf-fundeden_US
dc.description.pubStatusPublisheden_US
dc.description.oaCategoryGreen (AAM)en_US
Appears in Collections:Journal/Magazine Article
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