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

秒速赛车是国家开奖吗: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).

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

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Int. J. Financial Stud. EISSN 2227-7072 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
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