scholarly journals The Measurement of Tracking Errors of Gold ETFS: Evidence from China

2016 ◽  
Vol 5 (1) ◽  
pp. 2 ◽  
Author(s):  
Wei-Fong Pan ◽  
Ting Li
Keyword(s):  
Hong Kong ◽  
Exchange Traded Funds ◽  
Tracking Errors ◽  
Error Measure ◽  
Wide Range ◽  
The Us ◽  
Retail Investors ◽  
Better Than

This paper presents the first study on the measurement of tracking errorsusing daily figures for gold exchange-traded funds (ETFs) in China. Threemethods are employed to measure tracking errors: 1) calculating theabsolute error measure, 2) calculating the differences between thestandard deviation of the benchmark index and the ETF, and 3) aregression analysis of empirical returns. In general, the results suggest thatthe tracking errors of these ETFs in China are lower than those of equitybasedETFs in Hong Kong, the US, and Australia. This study further appliedtwo optimised replication portfolios (50-10-10-30 and 90-2-3-5) for a totalof three types of simulation portfolio. The overall results suggest that theperformances of the optimised replication portfolios were better than theperformance of the full replication portfolio. Our results provide valuableinsight for both institutional and retail investors and the opportunity forexposure to a wide range of commodity ETFs in China.

scholarly journals The measurement of tracking errors of commodity ETFs in China

2016 ◽  
Vol 13 (2) ◽  
pp. 184-188
Author(s):  
Wei-Fong Pan ◽  
Ting Li
Keyword(s):  
United States ◽  
Regression Analysis ◽  
Absolute Error ◽  
The United States ◽  
Valuable Insight ◽  
Exchange Traded Funds ◽  
Tracking Errors ◽  
Error Measure ◽  
Wide Range ◽  
Retail Investors

This paper presents the first study on the measurement and determinants of tracking errors using the daily figures for gold exchange-traded funds (ETFs) in China. This study employs three methods to measure tracking errors – one that involves calculating the absolute error measure, one that involves calculating the differences between the standard deviation of the benchmark index and that of the ETF, and a regression analysis of empirical returns. In general, the results suggest that the tracking errors of these ETFs in China are lower than those of equity-based ETFs in Hong Kong, the United States, and Australia. We also observe that distinct ETFs have different determinants. Our results provide valuable insight for both institutional and retail investors, as well as opportunities for them to be exposed to a wide range of commodity ETFs in China

China's Exchange Traded Fund: Is There a Trading Place Bias?

2008 ◽  
Vol 11 (01) ◽  
pp. 61-74 ◽  
Author(s):  
Louis T. W. Cheng ◽  
Hung-Gay Fung ◽  
Yiuman Tse
Keyword(s):  
Hong Kong ◽  
Exchange Traded Funds ◽  
Home Market ◽  
Intraday Analysis ◽  
Daily Data ◽  
The Us ◽  
Egarch Model ◽  
Causality Tests ◽  
Granger Causality Tests ◽  
Exchange Traded Fund

We use Granger causality tests and an EGARCH model to analyze the pricing relations in the US between two exchange traded funds, the iShares FTSE/Xinhua China 25 Index (FXI) and the S&P 500 Index Fund (IVV). Daily data indicates that Hong Kong home market basically drives the FXI returns in the US. In case of intraday analysis, the US-based IVV appears to dominate the pricing of the FXI. The evidence supports the speculative pricing hypothesis that the location of trading has stronger effects than the influence of domestic effects summarized by FXI's lagged returns.

scholarly journals Tracking Errors of Exchange Traded Funds in Bursa Malaysia

2019 ◽  
Vol 11 (2) ◽  
pp. 96
Author(s):  
Alfred Ing-Soon Ku ◽  
Venus Khim-Sen Liew ◽  
Chin-Hong Puah
Keyword(s):  
Tracking Error ◽  
Exchange Traded Funds ◽  
Tracking Errors ◽  
Retail Investors ◽  
Follow Up Studies ◽  
Tracking Ability ◽  
Selection Of

This study measures the tracking errors of exchange traded funds (ETFs) listed in Bursa Malaysia. Five measures of tracking errors are estimated in this study for the seven ETFs involved. Overall, the best ETF is METFAPA with the least tracking error. The ranking of the remainder ETFs, in the ascending order of tracking error is MYETFID, METFSID, MYETFDJ, CIMC50, FBMKLCI-EA and CIMBA40 (highest tracking error). The findings in this study is expected to provide clue for passive institutional and retail investors on their selection of ETFs to mimic the portfolio of the desired underlying assets. Moreover, it is anticipated that these findings will motivate the improvement in the tracking ability of the existing ETFs, solicit more follow up studies to encourage the development of new ETFs and increase the participation of investors.

scholarly journals Tracking errors and their determinants: Evidence from Hong Kong exchange traded funds

2016 ◽  
Author(s):  
Patrick Kuok-Kun Chu
Keyword(s):  
Hong Kong ◽  
Panel Data ◽  
Stock Market ◽  
Negative Impact ◽  
Tracking Error ◽  
Exchange Traded Funds ◽  
Dividend Yield ◽  
Tracking Errors ◽  
Expense Ratio ◽  
Trading Volumes

This paper uses panel data to find the determinants of tracking errors in exchange traded funds (ETFs) in the Hong Kong stock market. A comparison of tracking errors between physical and synthetic ETFs also indicates that the synthetic ETFs have higher tracking errors. The magnitude of tracking errors is found to be negatively related to size but positively related to dividend yield, trading volumes of funds, and market risk. However, this study also finds that expense ratio has a negative impact on tracking error, which is not consistent with previous studies, and which this paper addresses.

Research of the activity and viability of spermatozoa at different concentrations and proportions of diluents after incubation

2020 ◽  
pp. 88-95
Author(s):  
Svitlana Lobchenko ◽  
Tetiana Husar ◽  
Viktor Lobchenko
Keyword(s):  
Plasma Concentration ◽  
Incubation Time ◽  
Coefficient Of Variation ◽  
Incubation Medium ◽  
Wide Range ◽  
Series Of Experiments ◽  
The Subject ◽  
Boar Spermatozoa ◽  
Native Plasma ◽  
Better Than

The results of studies of the viability of spermatozoa with different incubation time at different concentrations and using different diluents are highlighted in the article. (Un) concentrated spermatozoa were diluented: 1) with their native plasma; 2) medium 199; 3) a mixture of equal volumes of plasma and medium 199. The experiment was designed to generate experimental samples with spermatozoa concentrations prepared according to the method, namely: 0.2; 0.1; 0.05; 0.025 billion / ml. The sperm was evaluated after 2, 4, 6 and 8 hours. The perspective of such a study is significant and makes it possible to research various aspects of the subject in a wide range. In this regard, a series of experiments were conducted in this area. The data obtained are statistically processed and allow us to highlight the results that relate to each stage of the study. In particular, in this article it was found out some regularities between the viability of sperm, the type of diluent and the rate of rarefaction, as evidenced by the data presented in the tables. As a result of sperm incubation, the viability of spermatozoa remains at least the highest trend when sperm are diluted to a concentration of 0.1 billion / ml, regardless of the type of diluent used. To maintain the viability of sperm using this concentration of medium 199 is not better than its native plasma, and its mixture with an equal volume of plasma through any length of time incubation of such sperm. Most often it is at this concentration of sperm that their viability is characterized by the lowest coefficient of variation, regardless of the type of diluent used, which may indicate the greatest stability of the result under these conditions. The viability of spermatozoa with a concentration of 0.1 billion / ml is statistically significantly reduced only after 6 or even 8 hours of incubation. If the sperm are incubated for only 2 hours, regardless of the type of diluent used, the sperm concentrations tested do not affect the viability of the sperm. Key words: boar, spermatozoa, sperm plasma, concentration, incubation, medium 199, activity, viability, rarefaction.

ESRC Review

2020 ◽  
pp. 657-698
Author(s):  
Simeon J. Yates ◽  
Jordana Blejmar
Keyword(s):  
Social Research ◽  
Social Science Research ◽  
Research Work ◽  
Science Research ◽  
Wide Range ◽  
The Us ◽  
Levels Of Automation ◽  
The Uk ◽  
Technological World ◽  
Ways Of Being

Two workshops were part of the final steps in the Economic and Social Research Council (ESRC) commissioned Ways of Being in a Digital Age project that is the basis for this Handbook. The ESRC project team coordinated one with the UK Defence Science and Technology Laboratory (ESRC-DSTL) Workshop, “The automation of future roles”; and one with the US National Science Foundation (ESRC-NSF) Workshop, “Changing work, changing lives in the new technological world.” Both workshops sought to explore the key future social science research questions arising for ever greater levels of automation, use of artificial intelligence, and the augmentation of human activity. Participants represented a wide range of disciplinary, professional, government, and nonprofit expertise. This chapter summarizes the separate and then integrated results. First, it summarizes the central social and economic context, the method and project context, and some basic definitional issues. It then identifies 11 priority areas needing further research work that emerged from the intense interactions, discussions, debates, clustering analyses, and integration activities during and after the two workshops. Throughout, it summarizes how subcategories of issues within each cluster relate to central issues (e.g., from users to global to methods) and levels of impacts (from wider social to community and organizational to individual experiences and understandings). Subsections briefly describe each of these 11 areas and their cross-cutting issues and levels. Finally, it provides a detailed Appendix of all the areas, subareas, and their specific questions.

Punk as Folk: Continuities and Tensions in the UK and Beyond

2020 ◽  
Author(s):  
Pete Dale
Keyword(s):  
Folk Music ◽  
Music Making ◽  
Collective Creativity ◽  
Living Tradition ◽  
Wide Range ◽  
The Us ◽  
The Common ◽  
The Individual ◽  
The Uk

Numerous claims have been made by a wide range of commentators that punk is somehow “a folk music” of some kind. Doubtless there are several continuities. Indeed, both tend to encourage amateur music-making, both often have affiliations with the Left, and both emerge at least partly from a collective/anti-competitive approach to music-making. However, there are also significant tensions between punk and folk as ideas/ideals and as applied in practice. Most obviously, punk makes claims to a “year zero” creativity (despite inevitably offering re-presentation of at least some existing elements in every instance), whereas folk music is supposed to carry forward a tradition (which, thankfully, is more recognized in recent decades as a subject-to-change “living tradition” than was the case in folk’s more purist periods). Politically, meanwhile, postwar folk has tended more toward a socialist and/or Marxist orientation, both in the US and UK, whereas punk has at least rhetorically claimed to be in favor of “anarchy” (in the UK, in particular). Collective creativity and competitive tendencies also differ between the two (perceived) genre areas. Although the folk scene’s “floor singer” tradition offers a dispersal of expressive opportunity comparable in some ways to the “anyone can do it” idea that gets associated with punk, the creative expectation of the individual within the group differs between the two. Punk has some similarities to folk, then, but there are tensions, too, and these are well worth examining if one is serious about testing out the common claim, in both folk and punk, that “anyone can do it.”

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