University of Economics, Prague
Faculty of Finance and Accounting Study programme “Finance and Accounting”
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Master Thesis Evaluation Supervisor form
Student name: Zhao Wang
Title of the thesis: Analysis of ETF pricing efficiency in China
Year of the defence: 2020/2021 Supervisor name
and affiliation: Karel Brůna, University of Economics, Prague Reviewer name
and affiliation: Ondřej Šíma, University of Economics, Prague
THESIS CONTENT SUMMARY:
The Thesis deals with exchange traded funds (ETF) traded on exchanges in China and their price effectiveness. The text of the Thesis is organized into three main chapters (besides Introduction and Summary and conclusion parts). The chapter 2 focuses on ETFs as specific investment vehicle and the way how the market with ETFs is organized and how the ETFs are issued. The chapter 3 deals with the process of arbitrage on ETFs markets based on net-value and ETFs’ prices discrepancies.
The final chapter 4 provides us with empirical analysis of the price effectiveness on ETFs’ markets in China.
OBJECTIONS AND REMARKS:
The Thesis focuses on very interesting topic, it contains the author’s original analysis of price effectiveness process using the econometric techniques. All the problems are explained very well and the text is backed up by relevant references. The methodology is selected properly and makes the author to do clear conclusions. I appreciate that author made a hard work with econometrics, extensive dataset was processed. I also appreciate the ability of the author to explain main problems needed to cover the topic and his attention to ETF and price effectiveness issues.
Page 2/2 QUESTIONS FOR THE DEFENCE:
1. What are the main benefits in investing with ETFs comparing with open mutual funds that guarantee to repay the net value of each investment on a daily basis?
2. Are there any types of assets that are not covered by ETFs and that might be an opportunity to be introduced to the investors?
