ETF ownership and corporate cash holdings
研究发现，被纳入ETF篮子中的企业因管理层从股市学习减少、不确定性增加而持有更多现金，并通过收入、外部融资等渠道影响企业价值。
Abstract Do exchange‐traded funds (ETFs) influence corporate cash holding decisions? Consistent with reduced managerial learning from the stock market and increased uncertainty due to higher ETF ownership, we show that firms included in ETF baskets have higher cash holdings as a precautionary response. We address endogeneity concerns through different natural experiments, namely, the reconstitution of the Russell 1000/2000 index and BlackRock's acquisition of iShares. We identify changes in revenue, external financing, share repurchases and net working capital as potential channels through which cash holdings increase due to higher ETF ownership, with cash holdings increases having a positive impact on firm value.