KHAS Finance Webinars – Dr. Tuğkan Tüzün


KHAS Finans Seminerleri - Dr. Tuğkan Tüzün

The guest of the Finance Webinars series organized by Kadir Has University International Trade and Finance Department is Dr. Tuğkan Tüzün from Federal Reserve (FED) on Tuesday, May 10.

You may follow Dr. Tüzün’s speech titled “Do ETFs Increase Liquidity?” on Zoom at 16.00 (GMT+3).

The webinar will be in English.

Zoom Meeting ID: 834 4868 9871 

Zoom Link: 

Abstract: This paper investigates the impact of exchange-traded funds (ETFs) on the liquidity of their underlying stockholdings. Using a difference-in-differences methodology for large changes in the index weights of stocks in the S&P 500 and NASDAQ 100 indexes, we find that increases in ETF ownership are associated with increases in commonly used measures of liquidity. Stocks with high ETF ownership have higher price resilience and lower adverse selection costs. However, ETFs are linked to higher liquidation costs during the 2011 U.S. debt-ceiling crisis, suggesting that stocks with high ETF ownership may experience impaired liquidity during major market stress events. 

Available at SSRN:

About the speaker: Tuğkan Tüzün is a Principal Economist at the Capital Markets Section of the Federal Reserve Board. Dr. Tüzün joined the Board of Governors of the Federal Reserve System in 2011. Dr. Tüzün earned his Ph.D. in Finance from University of Maryland in 2011. He holds an M.A. degree in Economics from University of Virginia (2006) and a B.A. degree in Economics from Boğaziçi University (2004). Institutional asset management, ETFs and market liquidity are among the current research interests of Dr. Tüzün. Dr. Tüzün has published in Finance journals including Journal of Finance and Journal of Financial Markets. He received the best paper award in FMA Europe 2012, best paper award in investments and asset pricing in FMA Europe 2019, and Harry M. Markowitz Special Distinction Award by Journal of Investment Management in 2019. 

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