Anna Helmke

🚨Job market paper🚨 Ever thought about the differences between ETFs and index mutual funds? Heard about ETFs' advantages, incl. tax efficiency (in the US) & intraday trading, and wondered whether ETFs will eventually replace mutual funds in the index segment? My JMP suggests no.

1/I'm very excited about the JMP of my PhD student Chris Kontz (Stanford GSB) who's on the academic job market this year. Chris’ job market paper analyzes the impact of the rise in passive investing on the real economy. More passive investing in a stock results in increased co-movement with other stocks, leading CFOs of these companies to set higher discount rates, as they were taught to do in business school, even when the fundamental riskiness of their business is unchanged. As a result, these companies cut back on investment. Chris provides compelling evidence that these investment distortions may help to account for part of the @ThomasPHI2 & Gutierrez missing investment puzzle in the US. christiankontz.com

💡FT article on our IMF Financial Stability Note. While ETF ownership is associated with lower corporate bond return volatility (vs. mutual funds), this can be attributed to retail ETF investors. We find opposite results for Institutional ETF ownership. ft.com/content/f6aa34…

Wer verstehen will was mit 🇩🇪 nicht funktioniert, der soll mal versuchen einen Hausmeister als geringfügig Beschäftigten einzustellen & diesen auf app.sv-meldeportal.de/de/login für die zu zahlenden Sozialabgaben (bei mir 44,01 Eur) anzumelden: Kein Wunder investiert hier niemand!!

Aside from the general issues about Trump‘s tariff and his economic nationalism strategy, today’s actions against Canada and Mexico are inexplicable and dangerous. 1/8

Another favorite I received

When you ask your UG students to calculate the present value of a perpetuity that only pays every other year and they send you this in return @VanderbiltOwen

1/12 I’m excited to share my job market paper, “Delay Your Rivals? Vertical Integration in Securitization and Lending Competition” (with @JosDSalas1). In this 🧵, I’ll explain how vertical integration (VI) impacts competition, loan rates, and origination. drive.google.com/file/d/1oeSGNA…

"Will ETFs drive mutual funds extinct?” @Wharton PhD @AnnaHelmke's research paper has drawn investors' and policymakers' attention. Based on her research, she explains that for a long-term portfolio investment, ETFs outperform mutual funds: whr.tn/3XnUMC8

1st Alpine Finance Summit: Finance research x hiking x mountain biking. What a great conference! Now off to start training (and researching) in preparation for next year’s event.

Superb organization and beautiful venues for our Annual Meeting - stimulating conversation, innovative research, invaluable feedback. Wish you were here. @EFA_org @ReviewofFinance

Finance conference in the former headquarters of the GDR communist government in east Berlin. What could be a better location to discuss active asset managers’ role in the efficiency of capital allocation in an economy. Thanks to @esmtberlin for hosting! 📈💡

Nice work @Wharton by @AnnaHelmke on who does best with #ETFs: "ETFs may be better for long-term investors who are patient and who can flexibly time their liquidation." knowledge.wharton.upenn.edu/article/why-et…

Great summary of the policy implications of my research by @whartonknows💡My paper makes a case for (1) swing pricing (2) ETFs within retirement accounts and against (3) multi-share class structures (ETF + mutual fund share class within one portfolio) knowledge.wharton.upenn.edu/article/why-et…

There’s much more in the paper. We learned a lot writing it, so I hope you read and learn from what we found too. Thanks to @toni

Nice series by @whartonknows celebrating #FinancialLiteracy month! @Wharton interview we faculty on the importance of #financialliteracy penntoday.upenn.edu/news/wharton-e…

@JuliaAFonseca and I have an exciting new pre-doc opportunity to work with us on mortgage, housing and labor markets, which will involve both empirical and structural work, and tackling public policy questions! Please share. @econ_ra #EconTwitter

I'm excited to release a public draft of a review article (with @marinaniessner and @w_mullins_ ) of research on social media and finance. papers.ssrn.com/sol3/papers.cf… The organizing principle is to distinguish "social media as a lens" versus "social media, the phenomenon."

@IaVardishvili Congrats Ia!

So grateful to my students: thanks for inspiring me daily! 🙇🏼‍♀️🙏🏼 #WarEagle🦅

Will ETFs Drive Mutual Funds Extinct? @AnnaHelmke builds a model that generates novel, testable predictions concerning the competition & future trajectory of index #ETFs & #mutualfunds. Read More: spkl.io/60174FjlH Subscribe: spkl.io/60184Fjly @Wharton #EconTwitter

WRDS was cutting off large owners' 13-F holdings one digit early. In addition, 13-F owners are often not the largest -- and definitely not those creating variation. Time for us all to help create ownership data straight from the source. Here is a start: corporateownershipdata.com