Chen, Honghui; Morse, Joel N.; Nguyen, Hoang Huy - In: The Quarterly Review of Economics and Finance 49 (2009) 3, pp. 1081-1094
In 1996, the first exchange-traded funds (ETFs) designed to track a subset of the Morgan Stanley Capital International country indices were approved under the name World Equity Benchmarks (acronym "WEBS"(TM)). We examine the impact of early WEBS-trading on the liquidity of corresponding...
