Bias and Misrepresentation Revisited: Perspective on Major Equity Indices

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Kaiser, L., Fleisch, M., & Salcher, L. (2018). Bias and Misrepresentation Revisited: Perspective on Major Equity Indices. Finance Research Letters, 26, 223-229. (ABDC_2016: B; ABDC_2019: A; ABS_2018: 2; ABS_2021: 2; ISI_2016: 0.762; ISI_2016_5year: 0.842; ISI_2018: 1.709; VHB_3: B)


Beitrag in wissenschaftlicher Fachzeitschrift


We analyze the characteristics of 22 leading equity indices and discuss common biases relative to their respective national equity markets. Findings demonstrate systematic risk-factor exposures on a universally consistent basis in form of a largecap, low beta, growth and contrarian tilt. These systematic biases are also relevant given their knock-on e?ect on public changes in consumption due to a changes in net wealth, especially as more private investors are utilizing ETFs on the basis of these indices rather than delegated mandates in form of mutual or pension funds.



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  • Institut für Finance