{"id":"https://openalex.org/W4410494669","doi":"https://doi.org/10.1287/mnsc.2023.01567","title":"Phantom of the Opera: ETF Shorting and Shareholder Voting","display_name":"Phantom of the Opera: ETF Shorting and Shareholder Voting","publication_year":2025,"publication_date":"2025-05-19","ids":{"openalex":"https://openalex.org/W4410494669","doi":"https://doi.org/10.1287/mnsc.2023.01567"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2023.01567","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.01567","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":null,"any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101836084","display_name":"Richard B. Evans","orcid":"https://orcid.org/0000-0003-4631-0744"},"institutions":[{"id":"https://openalex.org/I51556381","display_name":"University of Virginia","ror":"https://ror.org/0153tk833","country_code":"US","type":"education","lineage":["https://openalex.org/I51556381"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Richard B. Evans","raw_affiliation_strings":["Darden School of Business, University of Virginia, Charlottesville, Virginia 22906"],"raw_orcid":"https://orcid.org/0000-0003-4631-0744","affiliations":[{"raw_affiliation_string":"Darden School of Business, University of Virginia, Charlottesville, Virginia 22906","institution_ids":["https://openalex.org/I51556381"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5120315039","display_name":"O\u011fuzhan Karaka\u015f","orcid":"https://orcid.org/0000-0002-8670-5014"},"institutions":[{"id":"https://openalex.org/I241749","display_name":"University of Cambridge","ror":"https://ror.org/013meh722","country_code":"GB","type":"education","lineage":["https://openalex.org/I241749"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"O\u011fuzhan Karaka\u015f","raw_affiliation_strings":["Centre for Endowment Asset Management, Cambridge Judge Business School, University of Cambridge, Cambridge CB2 1AG, United Kingdom"],"raw_orcid":"https://orcid.org/0000-0002-8670-5014","affiliations":[{"raw_affiliation_string":"Centre for Endowment Asset Management, Cambridge Judge Business School, University of Cambridge, Cambridge CB2 1AG, United Kingdom","institution_ids":["https://openalex.org/I241749"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5028990646","display_name":"Rabih Moussawi","orcid":"https://orcid.org/0000-0002-3657-4087"},"institutions":[{"id":"https://openalex.org/I7863295","display_name":"Villanova University","ror":"https://ror.org/02g7kd627","country_code":"US","type":"education","lineage":["https://openalex.org/I7863295"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Rabih Moussawi","raw_affiliation_strings":["Villanova School of Business, Villanova University, Villanova, Pennsylvania 19085; and Wharton Research Data Services, University of Pennsylvania, Philadelphia, Pennsylvania 19104"],"raw_orcid":"https://orcid.org/0000-0002-3657-4087","affiliations":[{"raw_affiliation_string":"Villanova School of Business, Villanova University, Villanova, Pennsylvania 19085; and Wharton Research Data Services, University of Pennsylvania, Philadelphia, Pennsylvania 19104","institution_ids":["https://openalex.org/I7863295","https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5102779742","display_name":"Michael Young","orcid":"https://orcid.org/0000-0001-5818-9035"},"institutions":[{"id":"https://openalex.org/I76835614","display_name":"University of Missouri","ror":"https://ror.org/02ymw8z06","country_code":"US","type":"education","lineage":["https://openalex.org/I76835614"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael Young","raw_affiliation_strings":["Robert J. Trulaske, Sr. College of Business, University of Missouri, Columbia, Missouri 65211"],"raw_orcid":"https://orcid.org/0000-0001-5818-9035","affiliations":[{"raw_affiliation_string":"Robert J. Trulaske, Sr. College of Business, University of Missouri, Columbia, Missouri 65211","institution_ids":["https://openalex.org/I76835614"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5101836084"],"corresponding_institution_ids":["https://openalex.org/I51556381"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":{"value":0.14498309,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":94},"biblio":{"volume":"72","issue":"2","first_page":"893","last_page":"914"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9954000115394592,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9954000115394592,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9775999784469604,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9628999829292297,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/shareholder","display_name":"Shareholder","score":0.5600998997688293},{"id":"https://openalex.org/keywords/opera","display_name":"Opera","score":0.5091111063957214},{"id":"https://openalex.org/keywords/voting","display_name":"Voting","score":0.5048242211341858},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.46981245279312134},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.3907398581504822},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.3464849591255188},{"id":"https://openalex.org/keywords/actuarial-science","display_name":"Actuarial science","score":0.33537209033966064},{"id":"https://openalex.org/keywords/political-science","display_name":"Political science","score":0.23113170266151428},{"id":"https://openalex.org/keywords/history","display_name":"History","score":0.2175382673740387},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.2125740945339203},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"Corporate governance","score":0.1644875407218933},{"id":"https://openalex.org/keywords/art-history","display_name":"Art history","score":0.1259082853794098},{"id":"https://openalex.org/keywords/law","display_name":"Law","score":0.07462602853775024}],"concepts":[{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.5600998997688293},{"id":"https://openalex.org/C530479602","wikidata":"https://www.wikidata.org/wiki/Q1344","display_name":"Opera","level":2,"score":0.5091111063957214},{"id":"https://openalex.org/C520049643","wikidata":"https://www.wikidata.org/wiki/Q189760","display_name":"Voting","level":3,"score":0.5048242211341858},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.46981245279312134},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3907398581504822},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3464849591255188},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.33537209033966064},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.23113170266151428},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.2175382673740387},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2125740945339203},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.1644875407218933},{"id":"https://openalex.org/C52119013","wikidata":"https://www.wikidata.org/wiki/Q50637","display_name":"Art history","level":1,"score":0.1259082853794098},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.07462602853775024},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1287/mnsc.2023.01567","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.01567","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},{"id":"pmh:doi:10.17863/cam.113832","is_oa":true,"landing_page_url":null,"pdf_url":null,"source":{"id":"https://openalex.org/S4406922384","display_name":"Open MIND","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"}],"best_oa_location":{"id":"pmh:doi:10.17863/cam.113832","is_oa":true,"landing_page_url":null,"pdf_url":null,"source":{"id":"https://openalex.org/S4406922384","display_name":"Open MIND","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":22,"referenced_works":["https://openalex.org/W1591099623","https://openalex.org/W1993656759","https://openalex.org/W2089314759","https://openalex.org/W2527520935","https://openalex.org/W2582000743","https://openalex.org/W3021160343","https://openalex.org/W3023540015","https://openalex.org/W3121345957","https://openalex.org/W3121657539","https://openalex.org/W3122046166","https://openalex.org/W3122733032","https://openalex.org/W3122976525","https://openalex.org/W3123241264","https://openalex.org/W3124559386","https://openalex.org/W3125153884","https://openalex.org/W3126090201","https://openalex.org/W3130239813","https://openalex.org/W3193669687","https://openalex.org/W3204386880","https://openalex.org/W4250929425","https://openalex.org/W4255207779","https://openalex.org/W4378965372"],"related_works":["https://openalex.org/W2353500159","https://openalex.org/W2386740010","https://openalex.org/W3011881386","https://openalex.org/W635637022","https://openalex.org/W2348070968","https://openalex.org/W2377396514","https://openalex.org/W2380369880","https://openalex.org/W3203355539","https://openalex.org/W2352125274","https://openalex.org/W4390197923"],"abstract_inverted_index":{"The":[0,105],"short-selling":[1],"of":[2,52,61,64,86],"exchange-traded":[3],"funds":[4],"(ETFs)":[5],"creates":[6],"\u201cphantom\u201d":[7],"ETF":[8,25,38,41],"shares,":[9],"trading":[10],"at":[11,113],"market":[12],"prices,":[13],"with":[14,81],"cash":[15],"flow":[16],"rights":[17],"but":[18],"no":[19],"associated":[20,80],"voting":[21],"rights.":[22],"Unlike":[23],"regular":[24],"shares":[26,42,73],"backed":[27],"by":[28,36,46,99],"underlying":[29,48,65,77],"securities,":[30],"which":[31],"are":[32,43,79,111],"voted":[33],"as":[34,50],"directed":[35],"the":[37,47,75,84],"sponsor,":[39],"phantom":[40,72],"typically":[44],"hedged":[45],"basket":[49],"part":[51],"market-making":[53],"activities":[54],"and":[55,90,108],"result":[56],"in":[57,71,83,92],"a":[58],"significant":[59],"number":[60,85],"sidelined":[62],"votes":[63,88],"securities.":[66],"We":[67],"find":[68],"that":[69],"increases":[70,91],"for":[74],"corresponding":[76],"securities":[78],"decreases":[82],"proxy":[87],"cast":[89],"broker":[93],"nonvotes.":[94],"This":[95],"paper":[96],"was":[97],"accepted":[98],"Lukas":[100],"Schmid,":[101],"finance.":[102],"Supplemental":[103],"Material:":[104],"online":[106],"appendix":[107],"data":[109],"files":[110],"available":[112],"https://doi.org/10.1287/mnsc.2023.01567":[114],".":[115]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1}],"updated_date":"2026-05-21T06:26:12.895304","created_date":"2025-10-10T00:00:00"}
