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__Exchange-Traded Funds in Europe__ provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions-as well as graphical and descriptive analyses- to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it. Cover Exchange-Traded Funds in Europe Copyright Foreword Acknowledgments 1 Introduction 1.1 Background 1.2 Aims and Scopes 1.3 Structure and Contents References 2 Exchange-Traded Funds: Concepts and Contexts 2.1 Exchange-Traded Funds: Evolution, Features, and Categories 2.1.1 Defining Exchange-Traded Funds 2.1.2 History of Exchange-Traded Funds 2.1.3 Mechanisms and Structure of Exchange-Traded Funds 2.1.4 Approaches to the Classification of Exchange-Traded Funds 2.1.5 Exchange-Traded Funds as Financial Innovations 2.2 Exchange-Traded Funds and Competing Investment Alternatives: A Comparison 2.2.1 Exchange-Traded Funds versus Mutual Funds 2.2.2 Exchange-Traded Funds Versus Closed-End Funds 2.2.3 Exchange-Traded Funds Versus Other Financial Products 2.2.4 Exchange-Traded Products 2.3 Factors Influencing the Development of Exchange-Traded Funds Markets 2.3.1 Development of Financial Markets and Other Linked Macroeconomic Factors 2.3.2 Demand-Side Factors 2.3.3 Supply-Side Factors 2.3.4 New Technologies and Exchange-Traded Funds 2.3.5 Public Policies and Exchange-Traded Funds 2.3.6 Determinants of the Development of the Investment Funds Markets 2.4 Impact of Exchange-Traded Funds on the Development and Stability of Financial Systems 2.4.1 Key Issues 2.4.2 Risks Posed by Special Categories of Exchange-Traded Funds 2.4.3 Impact of Financial Innovations on the Financial System and Economy References 3 Exchange-Traded Funds Markets in Europe: Development Patterns 3.1 Introduction 3.1.1 Development of Exchange-Traded Funds Markets: Approaches to the Analysis and Time Period of the Analysis 3.1.2 Examined Exchange-Traded Funds Markets: List of Countries and Selection Criteria 3.1.3 Overview of the European Exchange-Traded Funds Markets 3.1.4 Exchange-Traded Funds in Europe: Regulatory Issues 3.2 Exchange-Traded Funds Diffusion Patterns and Dynamics 3.2.1 Development of Exchange-Traded Funds Markets in Europe: Basic Evidence 3.2.2 Development of Exchange-Traded Funds Markets in Europe: Diffusion Analysis 3.2.3 Diversity of the European Exchange-Traded Funds Markets 3.2.4 Exchange-Traded Funds Markets in France, Germany, Italy, Spain, and the United Kingdom: Joint Analysis 3.3 Projected Exchange-Traded Funds Markets Development 3.4 Story of Failure and Success of Exchange-Traded Funds in Europe: Case Studies (Part I) References 4 Determinants of the European Exchange-Traded Funds Markets Development 4.1 Identifying Determinants of the European Exchange-Traded Funds Markets Development 4.1.1 Introductory Remarks 4.1.2 Distribution of the Variables 4.1.3 Panel Data Analysis 4.2 Country-Specific Study of the Determinants of the European Exchange-Traded Funds Markets Development 4.2.1 Correlation Analysis 4.2.2 Country-Specific Models 4.3 Discussion: Key Factors of the European Exchange-Traded Funds Markets Development and Cross-Country Differences 4.3.1 Panel Regression Analysis: Major Conclusions 4.3.1.1 Single Explanatory Variable Models 4.3.1.2 Multiple Explanatory Variable Models 4.3.2 Country-Specific Analysis: Major Conclusions 4.3.3 Adoption of ICT and Diffusion of ETFs in Europe: Discussion 4.3.4 Decomposition of the Changes in the Assets of ETFs in Europe 4.4 Story of Failure and Success of ETFs in Europe: Case Studies (Part II) References 5 Exchange-Traded Funds and Financial Systems of European Countries: A Growth Factor or Threat to Stability? 5.1 Exchange-Traded Funds and the Development of Financial Systems in Europe 5.1.1 Introductory Remarks 5.1.2 Financial Development in European Countries 5.1.3 Exchange-Traded Funds and Financial Development 5.2 Exchange-Traded Funds and Development of the Selected Parts of European Financial Systems 5.3 Exchange-Traded Funds and Stability of the European Financial Systems 5.3.1 Key Concepts 5.3.2 Empirical Evidence 5.3.3 Role of Synthetic ETFs in Europe 5.4 Story of Failure and Success of ETFs in Europe: Case Studies (Part III) References 6 Conclusions and Recommendations 6.1 Introduction 6.2 Development Patterns of the European Exchange-Traded Funds Markets 6.3 Factors Influencing Diffusion of Exchange-Traded Funds in Europe 6.4 Diffusion of Exchange-Traded Funds in Europe: Positive or Negative for Financial Systems? 6.5 Success and Failure of Exchange-Traded Funds in Europe: Selected Case Studies 6.6 Future Research Directions References Methodological Annex Method 1: Technology Diffusion Models, Logistic Growth Model and Bi-Logistic Growth Model Method 2: Inequality Measures—Gini Coefficient, Atkinson Coefficient, and Lorenz Curve Method 3: Kernel Density Estimations Method 4: Panel Regression Models Method 5: Locally Weighted Polynomial Smoother References Further Reading Method 1 Method 2 Method 3 Method 4 Method 5 Index Back Cover Exchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions—as well as graphical and descriptive analyses— to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it. Identifies benefits and threats that ETFs bring to European financial markets Combines empirical data with a full, in-depth analysis of the topic and the special characteristics of Europe Examines the diffusion patterns of innovative financial products, the role of ICT, and the consequent effects of ETFs on the underlying European stock markets