This dissertation examines the pricing behavior of exchange traded funds (ETFs) in three essays. (1) The Overreaction of International ETFs, (2) Fragmentation of Night Markets, and (3) The Impact of the Creation of the QQQ on the Underlying Securities. The overreaction study examines the role of...

The potential importance of congestion effects on the management and rationing of recreational facilities and services in the presence of heterogeneous preferences were highlighted nearly twenty-five years ago by Freeman and Haveman (1977). While there have been a number of theoretical models...