国际清算银行：ETF作为一种纪律手段（英文版）

We document a novel feature of active exchange-traded funds (AETFs): they serve as a disciplinary tool for investors to remove underperforming portfolio managers. Unlike mutual fund shares, ETF shares can be shorted, which enables investors to bet against manager performance. We show that AETFs exhibit over five times greater flow-performance sensitivity than mutual funds, indicating that AETF managers face harsher penalties for poor performance. When an underperforming manager joins an AETF,