Structure of the US investment company industry over the period 2000 to 2017: substitution analysis

Adam Marszk

Structure of the US investment company industry over the period 2000 to 2017: substitution analysis

Abstrakt

Over the last years the investment company industry has undergone deep transformation in the majority of the most advanced economies, including the United States. Traditional investment companies, such as mutual funds, have lost their market share to innovative exchange-traded funds (ETFs). The main distinctive features of ETFs are listing and trading in their units on the stock exchanges as well as lower costs for investors. The aim of this paper is to present the in-depth insights into the changes in the structure of the US investment company industry and to determine whether the mutual funds have lost their market share due to the growth of ETFs; supplementary aim is the prediction of future changes. In the major In the major part of the empirical research logistic substitution model is applied, modified to conduct the analysis of changes on the financial markets. Key parameters of the logistic curve are estimated, showing the rate of the substitution. It is the first study to empirically verify the occurrence and intensity of substitution between mutual funds and ETFs in the US investment company industry with the detailed analysis for various groups of funds (classified according to their exposure). Results of the analysis prove that between 2000 and 2017 ETFs have increased their market share and this trend is expected to continue in the future. ETFs linked with the equity markets have won higher market share than ETFs based on bonds. International equity ETFs are projected to win the highest market share among all categories considered. (original abstract)

Autor (1)

Adam Marszk dr hab.

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Kategoria:

Publikacja w czasopiśmie

Typ:

artykuły w czasopismach recenzowanych i innych wydawnictwach ciągłych

Opublikowano w:

Zarządzanie i Finanse nr 15, strony 157 - 174,
ISSN: 2084-5189

Język:

angielski

Rok wydania:

2017

Opis bibliograficzny:

Marszk A.: Structure of the US investment company industry over the period 2000 to 2017: substitution analysis// Zarządzanie i Finanse = Journal of Management and Finance. -Vol. 15., nr. 3 (2017), s.157-174

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