The Emergence of ETFs in Asia-Pacific

The Emergence of ETFs in Asia-Pacific

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This book is dedicated to examining Exchange-Traded Funds (ETFs) market in the Asia-Pacific region between 2004 and 2017. It offers a broad examination of the attributes and development of the ETF markets. The book presents a new approach to ETF markets modeling that uses innovation diffusion model. In addition, it explores the empirical links between ETFs and Information and Communication Technologies (ICTs). The book also compares ETFs and competing investment options. This book should appeal to both academics and practitioners as it includes detailed descriptions of the ETF markets and prepared projections regarding their future development. As the Asia-Pacific region plays a significant role in the global economy, this book should be useful for international readers beyond this area.

The Emergence of ETFs in Asia-Pacific begins with an overview of the Asia-Pacific economies, focusing on their importance for the global economy and their features. Next, the book introduces an analytical framework. It explains major features of ETFs (such as their creation, distribution, and trading) and key categories, which facilitates profound understanding of the book merit even for readers with little knowledge about ETFs. The following chapter explores the role of ICTs in economy and society identifying channels of their impact on financial markets. It discusses how ICTs foster dynamic spread of financial innovations (including ETFs) across financial markets. Next, the book examines the ETF market's development in different countries in the Asia-Pacific region, by analyzing their level of development in terms of turnover. In this part it also provides brief characteristics of all markets, including their structures and categories of ETFs in various countries. Consecutive part of the book is dedicated to reports on the process of ICTs growing penetration across Asia-Pacific countries, showing the changes observed during recent years. It then continues the empirical analysis of the ETF markets in the Asia-Pacific region by attempting to trace the links between the development of ETF markets and ICT penetration during the period 2004-2017. As complementary material, a methodological annex is included showing major analytical techniques used throughout the research.

Adam Marszk is an Assistant Professor at the Faculty of Management and Economics, Gdansk University of Technology (Poland). He is CFA charterholder and member of the CFA institute. He has authored and reviewed many publications in local and international journals (including Journal of Macroeconomics and Technological Forecasting and Social Change ), focusing on financial innovations, linkages between financial markets and economy, financial systems in underdeveloped economies, economic integration, and portfolio management. He has served as coordinator and investigator in research projects financed by national and international institutions and was the winner of the 2015 Jan Uphagen's Award for the Best Young Scientists; in 2017 he was awarded the START scholarship of the Foundation for Polish Science.

Ewa Lechman is an Associate Professor of Economics at the Faculty of Management and Economics, Gdansk University of Technology. Her extensive research interests concentrate on economic development, ICT, and its role in reshaping social and economic systems and various aspects of poverty and economics in developing countries. She coordinates and participates in international research and educational projects and also works as an independent expert assisting with innovation assignments, including the evaluation of small and medium enterprise proposals, EU-financed programmes, and policy design regarding innovativeness, digitalization, education and social exclusion. She was the 2013 winner of an Emerald Literati Network Award for Excellence and is a member of the editorial boards of international journals on technology diffusion, the digital economy and economic development

1;Foreword;5 2;Acknowledgments;7 3;Contents;8 4;Chapter 1: Introduction;10 4.1;1.1 Why ETFs and ICT?;10 4.2;1.2 The Purpose and Focus;13 4.3;1.3 Structure and Chapters' Outline;14 4.4;References;17 5;Chapter 2: Exchange-Traded Funds: Concepts and Contexts;18 5.1;2.1 Exchange-Traded Funds: History and Features;18 5.2;2.2 Main Categories of Exchange-Traded Funds;29 5.3;2.3 Exchange-Traded Funds Market Development Schemes and Determinants;39 5.4;2.4 Asia-Pacific Exchange-Traded Funds;49 5.5;References;56 6;Chapter 3: Information and Communication Technologies for Financial Innovations;62 6.1;3.1 ICT as General-Purpose Technologies;62 6.2;3.2 ICT as Driver of Financial Market Development;66 6.3;3.3 ICT and Exchange-Traded Funds: Tracing Causal Links;77 6.4;References;84 7;Chapter 4: Exchange-Traded Funds Market Development in Asia-Pacific Region;91 7.1;4.1 Introductory Notes;91 7.2;4.2 Overview of the Asia-Pacific ETFs Markets;92 7.2.1;4.2.1 Main Trends;93 7.2.2;4.2.2 Analysis of Absolute ETFs Market Development;97 7.2.3;4.2.3 Analysis of Relative ETFs Market Development;115 7.2.4;4.2.4 Diversity of the Asia-Pacific ETFs Markets;120 7.3;4.3 ETFs Diffusion Patterns and Dynamics: Country-Specific Evidence;123 7.4;4.4 Future ETFs Market Development: Prospected Pathways;134 7.5;References;146 8;Chapter 5: ICT Deployment in the Asia-Pacific Countries: Eliminating Information Asymmetries;151 8.1;5.1 Digital Revolution in Asia-Pacific: A Snapshot;151 8.2;5.2 The Data and Empirical Sample;153 8.3;5.3 ICT Deployment in Asia-Pacific: Descriptive Evidence;155 8.4;5.4 ICT Diffusion Patterns: Country-Wise Evidence;161 8.5;References;178 9;Chapter 6: New Technologies for Exchange-Traded Funds;180 9.1;6.1 Introductory Notes;180 9.2;6.2 Preliminary Statistics;181 9.3;6.3 Tracing Empirical Linkages on ICT Versus Exchange-Traded Funds: Panel Regression Estimates;184 9.4;6.4 ICT for Exchange-Traded Funds: Country-Specific Approach;193 9.5;References;207 10;Chapter 7: Conclusions;212 10.1;7.1 Introduction;212 10.2;7.2 Main Themes Covered in the Book;212 10.3;7.3 Exploring Key Findings;215 10.3.1;7.3.1 Financial Innovations Diffusion Trajectories: The Case of Exchange-Traded Funds;215 10.3.2;7.3.2 Future of Financial Innovations Development: Formulating Predictions;217 10.3.3;7.3.3 Trends in ICT Development;218 10.3.4;7.3.4 ICT Versus ETFs Market Development: Tracing the Links;219 10.4;7.4 Final Note;220 10.5;References;221 11;Appendix A;222 12;Appendix B;224 12.1;Method 1: Kernel Density Estimations;224 12.2;Method 2: Inequality Measures-Gini Coefficient, Atkinson Coefficient, and Lorenz Curve;225 12.3;Method 3: Technology Diffusion Models, Logistic Growth Model, and Bi-logistic Growth Model;226 12.4;Method 4: Locally Weighted Polynomial Smoother;228 12.5;Method 5: Panel Regression Models;228 13;Appendix C;230 13.1;Further Reading;231
ISBN 9783030127527
Artikelnummer 9783030127527
Medientyp E-Book - PDF
Copyrightjahr 2019
Verlag Springer-Verlag
Umfang 231 Seiten
Sprache Englisch
Kopierschutz Digitales Wasserzeichen