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Competition Effects of a New Asset on a Similar Existing Asset in the Same Market: The iShares Versus the Closed-End Country Fund

Author

Listed:
  • Pei-Jung Tsai

    (Department of Finance, National Chung Cheng University, Min-Hsiung, Chia-Yi 62102, Taiwan)

  • Chia-Cheng Ho

    (Department of Finance, National Chung Cheng University, Min-Hsiung, Chia-Yi 62102, Taiwan)

  • Pei-Su Tsai

    (Department of Finance, National Chung Cheng University, Min-Hsiung, Chia-Yi 62102, Taiwan)

Abstract

The study examines an old but unique event from a new perspective and provides important insights to the financial literature. The result suggests that the competition from the later-launched iShares funds can improve pricing efficiency but decrease liquidity of the corresponding existing country funds. Furthermore, these effects are more profound for emerging country funds than for developed country funds.

Suggested Citation

  • Pei-Jung Tsai & Chia-Cheng Ho & Pei-Su Tsai, 2022. "Competition Effects of a New Asset on a Similar Existing Asset in the Same Market: The iShares Versus the Closed-End Country Fund," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 25(02), pages 1-24, June.
    • Handle: RePEc:wsi:rpbfmp:v:25:y:2022:i:02:n:s0219091522500114
    DOI: 10.1142/S0219091522500114
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