教師資料查詢 | 類別: 期刊論文 | 教師: 賴曉萍 LAI HSIAO-PING (瀏覽個人網頁)

標題:Revisiting the roles of gold: Does gold ETF matter?
學年107
學期1
出版(發表)日期2018/12/11
作品名稱Revisiting the roles of gold: Does gold ETF matter?
作品名稱(其他語言)
著者Wan-Hsiu Cheng; Chun-Da Chen; Hsiao-Pin Lai
單位
出版者
著錄名稱、卷期、頁數The North American Journal of Economics and Finance
摘要This study investigates whether the role of gold changes due to the introduction of gold exchange-traded funds (ETFs) using sample data of seven countries in which physically-backed gold ETFs have been issued. The results show that the traditional roles of gold do change after the introduction of gold ETFs, particularly in the corresponding stock markets. The functions of hedge and safe haven provided by gold wear off during the post-ETF period in stock markets. In currency markets, however, gold still serves as a hedge and safe haven asset, and such effects become stronger during the post-ETF period. Moreover, gold ETFs play a role of relative strong safe haven than the physical gold does while the leading (lagged) stock returns extremely decline. Like the purposes of using physical gold assets, gold ETFs also provide hedge and safe haven effects to the exchange rate risks. Therefore, we might confirm that physical gold could be largely replaced by gold ETFs and investors could utilize gold ETFs to avoid potential risks in financial markets.
關鍵字Hedging;Safe haven;Gold;Gold ETF
語言英文(美國)
ISSN
期刊性質國外
收錄於SSCI;
產學合作
通訊作者
審稿制度
國別中華民國
公開徵稿
出版型式,電子版
相關連結
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