Barnhart, Scott W.; Rosenstein, Stuart - In: The Financial Review 45 (2010) 4, pp. 973-994
Exchange-traded funds (ETFs), like closed-end funds (CEFs), are managed portfolios traded like individual stocks. We hypothesize that the introduction of an ETF in an asset class similar to an existing CEF results in a substitution effect that reduces the value of the CEF's shares relative to...