Competition Effects of a New Asset on a Similar Existing Asset in the Same Market: The iShares Versus the Closed-End Country Fund

Pei-Jung Tsai (), Chia-Cheng Ho and Pei-Su Tsai ()
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Pei-Jung Tsai: Department of Finance, National Chung Cheng University, Min-Hsiung, Chia-Yi 62102, Taiwan
Chia-Cheng Ho: Department of Finance, National Chung Cheng University, Min-Hsiung, Chia-Yi 62102, Taiwan
Pei-Su Tsai: Department of Finance, National Chung Cheng University, Min-Hsiung, Chia-Yi 62102, Taiwan

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2022, vol. 25, issue 02, 1-24

Abstract: The study examines an old but unique event from a new perspective and provides important insights to the financial literature. The result suggests that the competition from the later-launched iShares funds can improve pricing efficiency but decrease liquidity of the corresponding existing country funds. Furthermore, these effects are more profound for emerging country funds than for developed country funds.

Keywords: Country funds; iShares; competition effect; pricing efficiency; liquidity (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S0219091522500114

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