Engaged ETFs and firm performance
研究了交易所交易基金（ETF）的参与度对企业绩效的影响，发现持有更多参与型ETF的企业表现更好，并提出了新的参与度衡量方法。
Abstract Exchange Traded Funds (ETFs) have often tracked indices and charged low fees so their incentives to improve firm performance are questionable although little empirical work has investigated this issue. Theoretically, however, we expect firms to perform better when held by more engaged ETFs. We develop a new measure of engagement using a weighted‐average concentration measure which captures the combined effect of the concentration of the portfolios of the ETFs investing in a firm and the ownership of the firm by those ETFs. Using ETFs' investment in US‐listed firms for the period 2000–2019, we confirm our expectations that more engaged ETFs improve firm performance.