Next Article in Journal / Special Issue
Previous Article in Journal
Previous Article in Special Issue
Article Menu

Export Article

Open AccessArticle
Int. J. Financial Stud. 2018, 6(3), 64;

极速赛车开奖结果骗局:Performance of Exchange Traded Funds during the Brexit Referendum: An Event Study

Department of Economics, University of Nebraska at Omaha, 6708 Pine Street, Omaha, NE 68182, USA
Department of Business, Finance and Law, University of Milano-Bicocca, 20126 Milan, Italy
Author to whom correspondence should be addressed.
Received: 21 June 2018 / Revised: 3 July 2018 / Accepted: 3 July 2018 / Published: 13 July 2018
(This article belongs to the Special Issue Impact of Brexit on Financial Markets)


In today’s interrelated economies, financial information travel at speed of light to reach investors around the globe. Global financial markets experience regular shocks that transmit negative waves to other equity markets and different asset classes. Given the unique characteristics of exchange-traded funds (ETFs), this paper examines how different ETFs that are traded on London Financial center reacted to the Brexit event in 23 June 2016. The unexpected referendum result the day after is viewed as the next significant financial event since 2008. The paper employs an event study market model on daily and abnormal returns of the selected ETFs with respect to FTSE 250 around the event date. Contrary to what is expected, the world equities fund experienced significant positive abnormal return on the event day. Emerging markets again proved to be a preferred investment destination in times of financial turmoil; the emerging equities fund gained 3% while enjoying an 11.5% positive significant abnormal returns. The US T-Bond fund recorded a 9% return with a significant 7.2% abnormal return. The gold fund soared as much as 4% as investors seeks refuge from Brexit, and the oil fund retraced 1% amid concerns of slowing global demand. View Full-Text
Keywords: exchange-traded funds (ETFs); event study model; emerging markets; commodities; world equities; abnormal returns exchange-traded funds (ETFs); event study model; emerging markets; commodities; world equities; abnormal returns

秒速赛车是哪里的开奖 Figure 1

Figure 1
<p>World Equity ETF.</p> ">
Figure 2
<p>S&amp;P 500 ETF.</p> ">
Figure 3
<p>European Equity ETF.</p> ">
Figure 4
<p>Emerging Equity ETF.</p> ">
Figure 5
<p>Private Equity ETF.</p> ">
Figure 6
<p>US T-Bond ETF.</p> ">
Figure 7
<p>Gold ETF.</p> ">
Figure 8
<p>Oil ETF.</p> ">
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

Share & Cite This Article

MDPI and ACS Style

Alkhatib, A.; Harasheh, M. Performance of Exchange Traded Funds during the Brexit Referendum: An Event Study. Int. J. Financial Stud. 2018, 6, 64.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics



[Return to top]
Int. J. Financial Stud. EISSN 2227-7072 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top
  • 帝豪GL全新智能系统 为了更聪明而升级 2018-12-17
  • 点亮文化自信之灯,塑造大国气质 2018-12-17
  • 中消协启动App个人信息收集测评 测评哪款App你说了算 2018-12-16
  • 军情锐评:搬起石头砸自己脚?特朗普限制中国留学生或削弱美科研能力 2018-12-16
  • 海印公园北片物业及配套停车场出租项目 2018-12-15
  • 宁夏科技馆科普“粽”宴等你来 2018-12-15
  • 淳安县:构建“大调解”体系 2018-12-15
  • 探访玉麦守边人(新时代·面孔) 2018-12-15
  • 用责任制拧紧安全阀(快评) 2018-12-14
  • 世界杯亚洲“常客”给中国足球带来的启示 2018-12-14
  • 保险业偿付能力充足整体风险可控 2018-12-13
  • “东方夜莺”杨学进悉尼举办上海老歌独唱音乐会 2018-12-13
  • 新时代 新气象 新作为 学习宣传贯彻党的十九大精神 2018-12-13
  • 揭秘:中纪委如何对高级领导干部进行谈话提醒? 2018-12-12
  • 陕西国防工业职业技术学院百名大学生志愿者敬老院慰问孤寡老人陕西国防工业职业技术学院百名大学生志愿者敬老院慰问-陕西教育新闻 2018-12-12
  • 149| 478| 788| 531| 593| 241| 919| 902| 365| 501|