30 years of exchange traded funds: The boom and the risks of market and regulatory failure

30 let burzovně obchodovaných fondů: boom a rizika tržního a regulatorního selhání

Petr Musílek

Český finanční a účetní časopis, 2023, vol. 2023, issue 1, 35-48

Abstract: The discussion paper focuses on the prerequisites for the creation, development and consequences of exchange traded funds. The article first analyzes the defining characteristics of the effective behavior of stock markets as an elementary prerequisite for the investment demand for passive portfolio management. Subsequently, attention is paid to the nature of exchange traded funds and their rapid development in recent decades. Individual types of exchange traded funds are also analyzed. In the final part of the paper, some risks of the rapid development of this financial innovation, which significantly changes the focus of investment management, both individual and institutional, are discussed.

Keywords: Efficient Market; Indexed Investing; Passive Investing; Exchange Traded Fund; Efektivní trh; Indexované investování; Pasivní investování; Burzovně obchodovaný fond (search for similar items in EconPapers)
JEL-codes: G23 G24 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.18267/j.cfuc.581

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