A mutual-funds rating company changed its methodology two decades ago, and that, according to research from Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, and his co-authors, has made a significant difference in the performance of momentum strategies.

Assistant Professor of Finance Shaojun Zhang explains her research and her structural model-based measure of systemic default, which measures the joint probability of multiple companies defaulting simultaneously.

The highly-anticipated spot bitcoin ETFs are likely to be disappointing performers for a considerable time after they are launched.

Is the glut of new exchange traded funds (ETF) a sign of an impending catastrophe? Research by Fisher's Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, Byungwook Kim and their colleague Francesco Franzoni shows the underperformance of many of the news ETFs.

For nearly 25 years, Exchange Traded Funds (ETFs) have been a popular passive investment vehicle for both household and professional investors due to their low transaction costs and high liquidity. But what are the pros and cons? How can you diversify your portfolio to avoid volatility? Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, offers his take on the current state of ETFs.

The traditional financial theory attributes security returns to market- or factor-based risk, with no role ascribed to other influences. In research published by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, the authors argue for including investor demand as an additional variable in explaining returns. Can changes in investor demand generate systematic changes in security returns?

Fintech lenders are ‘relying heavily’ on credit scores to determine loan pricing, according to a study co-authored by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, and his colleagues.

Research from Amin Shams, assistant professor of finance, is highlighted as part of a larger discussion into changes in crypto markets.

In a roundup of research-backed financial topics, a paper co-authored by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, provides insight into the pros and cons of stock buybacks.

The crypto market saw a weekend drop, with most crypto coins in the top 100 list flashing red over the last 24 hours.  “When the volume is low, the same trade size can move prices a lot more,” said Amin Shams, a finance professor at Fisher who has study cryptocurrencies.

Does financial innovation in the ETF space create value for investors? A study by Fisher's Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, graduate research assistant Byungwook Kim, and their colleagues Rabih Moussawi and Francesco Franzoni suggests otherwise.

A research paper co-authored in 2018 by Assistant Professor of Finance Amin Shams and John Griffin, finance professor at the UT Austin McCombs School of Business, explored a single, still unidentified, Bitcoin “whale” almost singlehandedly drove the token’s giant run-up in late 2017 and early 2018 by distorting the trading in the token. Bitcoin's recent price stability has some wondering whether big buyers could be setting a price floor and pushing the cryptocurrency higher.

Whether it’s cloud stocks, crypto or Korean pop, there’s an exchange-traded fund offering a way in. Just don’t expect it to beat the S&P 500, according to research by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, and his colleagues.

Sam Bankman-Fried, the founder of the now-defunct exchange for trading cryptocurrencies, believed in ‘earning to give.’ Brian Mittendorf, the Fisher Designated Professor of Accounting and an expert in nonprofit accounting, explains the significance of FTX’s implosion for philanthropy and the nonprofits Bankman-Fried supported.

Crypto exchange traded funds account for five of the worst seven debuts in the history of the ETF industry. All five focused on the once high-flying cryptocurrency sector or the related field of blockchain, in a new illustration of previous research by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, and his colleagues.

Citing research conducted by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, and his colleagues, the IMG says policymakers should re-examine risks posed by exchange traded funds during periods of stress, even though the vehicles are less concerning than their open-ended mutual fund counterparts.

Research by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, helps the podcasts' hosts understand the returns that can be expected from alternative asset investment classes such as private equity, venture capital, angel investing, private credit, hedge funds, direct real estate and cryptocurrencies. They also conduct an in-depth analysis based on empirical studies and their expertise to discover whether there is any merit to alternative asset classes as investments. 

Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, analyzes the worst single-day drop in the U.S. stock market in years.  

Investors hoping for big returns by putting their money into trendy topics like work-from-home and the metaverse through exchange traded funds (ETFs) will instead likely face gross underperformance, according to a new study by Itzhak Ben-David, Neil Klatskin Chair in Finance and Real Estate, and Byungwook Kim, a PhD student at Fisher. ETFs based on these and similar hot topics earn an average return about 30% lower than more diversified funds over the five years after they are launched.

Rene Stulz, the Everett D. Reese Chair of Banking and Monetary Economics, discusses two aspects of private equity that intersect with his research expertise: the declining number of publicly traded U.S. companies and how the growth of private equity can cloud transparency for investors and economists.

Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, explains the three factors that typically lead to inflated performance fees for hedge funds: asymmetric fee structures, chasing stock performance and sudden shutdowns of hedge funds.

René Stulz’s longtime work as a finance researcher was recognized by the Journal of Applied Corporate Finance, as it dedicated its Winter 2022 issue entirely to his research.

The stellar growth of thematic ETFs comes despite research, conducted by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, and PhD candidate Byungwook Kim, that suggests U.S.-listed thematic exchange traded funds often launch at or near the top of the market for thei

Timing is everything with thematic ETFs, but this has not been ETF issuers’ strong suit. Many launches happen at the peak of a megatrend’s excitement in order to capture maximum attention. But this is also when the underlying holdings are at their most overvalued and can lead to significant underperformance after a theme has launched, according to research by Itzhak Ben-David, the Neil Klatskin Chair in Finance and Real Estate, PhD candidate Byungwook Kim, and Francesco Franzoni.

A new paper from Fisher's Itzhak Ben-David and Byungwook Kim finds that most 'specialized ETFs' are poor investments, and it takes a crack at explaining why.