Korea Capital Market Institute

The Competitive Structure of the Active ETF Market: The U.S. Experience and Implications [Senior Research Fellow] Kim, Jaechil Active ETFs are growing rapidly in the United States, and many small and midsize asset managers that had struggled amid the decline of mutual funds are now gaining a foothold in the active ETF market. The regulatory easing introduced in the U.S. ETF market from late 2019 appears to have lowered entry barriers and encouraged these managers to enter the active ETF space. At the s... Earnings Guidance in Korea: Institutional Constraints, Market Incentives, and Policy Directions [Research Fellow] Yee, Ha Yoon Corporate managers voluntarily provide investors with forward-looking information regarding their firm’s future performance through earnings guidance. Earnings guidance enhances the efficiency of capital market by alleviating information asymmetry, improving price discovery, and reducing the cost of capital. In Korea, the introduction of the fair disclosure regime in 2002 estab...