Network Structures of the US Market with ETFs

LINNERTOVÁ, Dagmar. Network Structures of the US Market with ETFs (Network Structures of the US Market With ETFs). Online. In Iacob, AI. 2ND GLOBAL CONFERENCE ON BUSINESS, ECONOMICS, MANAGEMENT AND TOURISM. AMSTERDAM: ELSEVIER SCIENCE BV, 2015, p. 899-904. ISSN 2212-5671. Available from: https://dx.doi.org/10.1016/S2212-5671(15)00496-7.

Basic information

• Original name: Network Structures of the US Market with ETFs
• Authors: LINNERTOVÁ, Dagmar (203 Czech Republic, guarantor, belonging to the institution).
• Edition: AMSTERDAM, 2ND GLOBAL CONFERENCE ON BUSINESS, ECONOMICS, MANAGEMENT AND TOURISM, p. 899-904, 6 pp. 2015.
• Publisher: ELSEVIER SCIENCE BV

Other information

• Original language: English
• Type of outcome: Proceedings paper
• Field of Study: 50200 5.2 Economics and Business
• Country of publisher: Netherlands
• Confidentiality degree: is not subject to a state or trade secret
• Publication form: electronic version available online
• RIV identification code: RIV/00216224:14560/15:00082155
• Organization unit: Faculty of Economics and Administration
• ISSN: 2212-5671
• Doi: http://dx.doi.org/10.1016/S2212-5671(15)00496-7
• UT WoS: 000360103600137
• Keywords in English: ETFs; correlation network; asset value; US market
• Tags: International impact, Reviewed

Abstract

The paper examines dependability and connectedness of US ETFs market. The ETFs market represents one of the most dynamic developing markets with new financial instruments. Since 1993, when the first ETF called Spider was introduced in dual listing in US and Canada, this market has grown to more than 3.200 ETF products at the end of 2013. About one third of these ETFs are traded in the United States in markets of NYSE that is dominating, Nasdaq or BATS. In the US market there are traded ETFs in the asset value more than 1.150 billion. Despite its fast growth and significant size, there is very little research on the structure of the ETFs market. The usage of network structure helps to fully identify relation between particular ETFs. In the analysis the most important ETFs (measured with their asset value) will be analysed on the individual and the provider basis. The provider basis is chosen because the US ETFs market is concentrated and three main providers (iShares, State Street Global Advisory and Vanguard) represent more than 80 percentage of the ETFs market. The application of the graph theory contributes to particularized understanding relations between these ETFs. Network modelling of ETFs market offers a powerful tool, because it provides much view on dependences of ETFs's behaviour. (C) The Authors. Published by Elsevier B.V.

Links

• MUNI/A/0753/2012, interní kód MU: Name: Evropské finanční systémy 2013 (Acronym: EFS)

Investor: Masaryk University, Category A