![Working Papers](https://mackinstitute.wharton.upenn.edu/wp-content/uploads/2016/06/Working-Paper-150x100.png)
I study investors’ trade-off between ETFs and open-ended mutual funds in the presence of idiosyncratic liquidity risk and aggregate uncertainty. Based on a portfolio choice model, I show that ETFs and mutual funds provide liquidity at different maturities.…Read More