【摘要】 随着指数化投资的增长,准确理解指数化投资的经济影响变得越来越重要。通过只有两种股票的简化模型,我们证明了指数化投资对成分股票定价存在持久的影响。由于指数化投资者增加的需求会导致成分股票的需求曲线向右移动,指数化投资将成为推动股票市场长期稳定增长的重要驱动力量。进一步讲,指数化投资的需求冲击是持久的,对股票价格形成了持久的压力。更多还原

【Abstract】 The growing importance of indexing makes an understanding of its economic consequences an important question. With a simple model which have two sorts of shares, we demonstrate that index investing have permanent effect on stock prices. Due to the added demand by passive investors shifts its demand curve to shift right, index investing has become a important force which drive the growth of the stock market. Furthermore, demand shocks can be permanently incorporated in asset prices, which give stock price permanent pressure.更多还原