• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Technological forecasting and social change >Tracing financial innovation diffusion and substitution trajectories. Recent evidence on exchange-traded funds in Japan and South Korea
【24h】

Tracing financial innovation diffusion and substitution trajectories. Recent evidence on exchange-traded funds in Japan and South Korea

机译：追踪金融创新的扩散和替代轨迹。日本和韩国交易所交易基金的最新证据

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Since the rapid growth of the popularity of ETFs, the potential substitution between innovative financial products, exchange-traded funds (ETFs), and traditional investment funds (open-end and closed-end funds) is recognized as one of the most-discussed issues in the financial industry. This is the first study to empirically verify and compare the diffusion and substitution of ETFs using monthly data on their assets in two selected countries. The main aim of this paper is to provide in-depth insights into the development of innovative financial products available in two Asian economies: Japan and South Korea. The empirical study uses monthly total net assets data for 2004-2017. Our methodological framework combines models of innovation diffusion and technological substitution. The results reported in the study show that in both countries the diffusion of ETFs has occurred. The rate of diffusion and the phase of growth reached differed - in Japan the ETF market was in the early exponential growth stage, whereas in South Korea it was closer to achieving the expected maximum saturation. The results of the substitution analysis between the largest category of the innovative funds - equity ETFs and equity open-end funds clearly demonstrate that the process of "switching" from equity open-end funds into ETFs may be easily traced in both countries. Substitution processes were, however, gradual and reversals of the trajectories were noticed.
机译：由于ETF的迅速普及，创新金融产品，交易所交易基金（ETF）和传统投资基金（开放式和封闭式基金）之间的潜在替代被认为是讨论最多的问题之一在金融业。这是第一项使用两个选定国家的ETF每月数据对ETF的扩散和替代进行实证检验和比较的研究。本文的主要目的是对日本和韩国这两个亚洲经济体的创新金融产品的发展提供深入的见解。实证研究使用2004-2017年每月净资产总额数据。我们的方法框架结合了创新扩散和技术替代的模型。该研究报告的结果表明，在这两个国家中，ETF的扩散均已发生。扩散速度和增长阶段有所不同-在日本，ETF市场处于指数增长的早期，而在韩国，ETF市场更接近达到预期的最大饱和度。在创新型基金的最大类别（股票ETF和股票开放式基金）之间进行的替代分析结果清楚地表明，在两个国家中，从股票开放式基金“转换”为ETF的过程都很容易。但是，替换过程是逐渐发生的，并且轨迹发生了逆转。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号