ETF Adoption and Equity Market Macroefficiency
研究了全球范围内ETF的引入如何提升股票市场的宏观效率，发现ETF使投资者能基于宏观信息交易，从而改善市场效率，且在波动较大的市场和发达市场中效果更显著。
We analyze the impact that ETFs have had on equity market macro-efficiency around the globe. We find evidence to suggest that the introduction of ETFs, which enable investors to trade on macro information, has improved this aspect of market efficiency. We also find that equity market macro-efficiency tends to rise in more volatile market environments. Our results show that these improvements are more pronounced in developed equity markets where ETF growth has been more significant.