After the borne of ETF, it is very popular in the United States and Europe. At the present time, many stock exchanges have the ETF trades. There are 304 ETFs and the assets have grown to 246.4 billion dollar in the world by June 30, 2004. From the impact of the waves of ETF, Shanghai stock exchange gave birth to 50ETF, which is listing on the market on February 23, 2005.On the research of ETF, because the development of ETF in foreign country becomes mature, it is mainly about the positive analysis of ETF's efficiency and application, such as Salomon Smith Barney(2002)'s research on ETF's liquidity and discount/premium price using snap method, Edwin J.Elton's comparative analysis on ETF's tracking error, Parkd and Switzer(1995),Lu and Marsden(2000)'s positive research on ETF's price efficiency. In our country,... |