The rise of passive investing is distorting price signals and pushing up the volatility of the US stock market, according to academic research.
The analysis raises fresh questions about the widespread adoption of index-based investing, a trend that has allowed investors to save billions of dollars a year in the shape of lower fees — seemingly without hurting returns.
“Markets [have] become less efficient from the rise in passive investing,” said Valentin Haddad, associate professor of finance at UCLA Anderson School of Management.
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