The role of Exchange Traded Funds in the price discovery process of stocks listed on the Botswana Stock Exchange

Abstract

In this paper we analyse the role of Exchange Traded Funds (ETFs) in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015 for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

Importance and performance analysis on the investor’s choice of an offshore mutual fund and a bank channel in Taiwan

“…1977IPA has been widely adopted in multiple disciplines and businesses, such as production management (da Silveira, Snider, & Balakrishnan, 2013), selecting hotel (Chu & Choi, 2000), quality management (Tonge & Moore, 2007), competitiveness of a travel destination (Enright & Newton, 2004), restaurant operating strategy (Keyt, Yavas, & Riecken, 1994), building a tourism policy (Evans & Chon, 1989), measuring the service quality levels (Jemmasi, Strong, & Taylor, 1994), consumer satisfaction (Barbara, Jaffe, & Lin, 1994;Deng, 2007;Taplin, 2012;Dewi, Gundavarapu, & Cugati, 2013), brand positioning (Chapman, 1993), market segmentation approach (Cheron, McTavish, & Perrien, 1989), resort facility positioning (Kozak & Nield, 1998), service quality in hospital sector (Jemmasi et al, 1994), evaluating senior human resource (Siegenthaler, 1994), Factors in job satisfaction (Pan, 2015), and evaluating a course program (Martilla & James, 1977). Notable is the current work is the pioneer in adopting this technique in evaluating the performance in retail fund as previous studies had done with other methods, such as Kaushik (2019) and Kambeu (2017).…”

“…The past research that adopted the IPA technique to analyze issues of fund selection is extensive, yet most studies have focused on exploring the selection criteria of certain funds (e.g. Kambeu, 2017;Kaushik, 2019). This research is the first, to the best of my knowledge, to apply the IPA technique to identifying the critical attributes of fund investors' perceived importance and performance concurrently in both fund and bank levels in this particular industry.…”