Journal article
The emergence of country index funds
Journal of portfolio management, v 24(4), pp 78-84
01 Jul 1998
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
A study examines the effectiveness of World Equity Benchmark Shares (WEBS) as an international indexing instrument. It compares the performance, trading, and pricing characteristics of WEBS with closed-end country funds. In addition, it examines changes in discounts and trading volume on closed-end funds around the introduction of WEBS. It finds that WEBS performance is similar to the performance of closed-end funds. In addition, WEBS tend to exhibit low correlations with the S&P 500, suggesting that they provide useful diversification opportunities for US investors. After WEBS were introduced, closed-end country funds experienced a decrease in trading volume and an increase in discounts from net asset value. The results suggest that WEBS appear to be a viable alternative for US investors seeking international equity exposure.
Metrics
Details
- Title
- The emergence of country index funds
- Creators
- Ajay Khorana - Georgia Institute of TechnologyEdward Nelling - Georgia Institute of TechnologyJeffrey Trester
- Publication Details
- Journal of portfolio management, v 24(4), pp 78-84
- Publisher
- Pageant Media
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:000075122000007
- Scopus ID
- 2-s2.0-0032089383
- Other Identifier
- 991021881407304721
UN Sustainable Development Goals (SDGs)
This publication has contributed to the advancement of the following goals:
InCites Highlights
Data related to this publication, from InCites Benchmarking & Analytics tool:
- Web of Science research areas
- Business, Finance