Active and Passive Investing: Understanding Samuelsons Dictum The Review of Asset Pricing Studies
A recent paper by Cheng, Massa, and Zhang (2019) looks at how ETFs deviate from their benchmarks by using, for example, synthetic replications with affiliated bank sponsors, which can increase returns to the ETF sponsor but also raises concerns about… Read More »Active and Passive Investing: Understanding Samuelsons Dictum The Review of Asset Pricing Studies