We’re using cookies, but you can turn them off in Privacy Settings.  Otherwise, you are agreeing to our use of cookies.  Accepting cookies does not mean that we are collecting personal data. Learn more in our Privacy Policy.



In November 2018, Heidi Raubenheimer, CFA, Managing Editor of the Financial Analysts Journal, interviewed Antti Petajisto about his article “Inefficiencies in the Pricing of Exchange-Traded Funds,” which won the Graham and Dodd Award for best article in 2017. The article shows that prices of exchange-traded funds (ETFs) can deviate significantly from their net asset values (NAVs), in spite of the arbitrage mechanism that allows authorized participants to create and redeem shares for the underlying portfolios.  

About the Speaker(s)

Antti Petajisto
Antti Petajisto

Antti Petajisto is a researcher and portfolio manager at quantPORT, a systematic multi-strategy asset manager and formerly the proprietary trading desk of Jefferies. Previously, he was a portfolio manager and researcher at LMR Partners, a multi-strategy hedge fund, as well as in BlackRock’s Scientific Active Equities group, where he focused on researching new alpha signals and implementing quantitative trading strategies in global equity markets, including emerging markets. Dr. Petajisto has also worked as a finance professor at the Yale School of Management and the NYU Stern School of Business, where he taught MBA courses on investments, portfolio management, and behavioral finance. His academic research includes the development of the Active Share concept for quantifying active portfolio management, performance evaluation of money managers, pricing inefficiencies in exchange-traded funds, and the price impact of passive indexing strategies. Dr. Petajisto has an MSc in engineering physics from the Helsinki University of Technology and a PhD in finance from the MIT Sloan School of Management.

Heidi Raubenheimer, CFA
Heidi Raubenheimer CFA

Heidi Raubenheimer, CFA, is the managing editor of the Financial Analysts Journal and head of Journal Publications for CFA Institute. Heidi has been a member of academic faculty of both Stellenbosch University and the University of Cape Town in South Africa. She has been active in financial services in South Africa for most of her professional life and has been a CFA charterholder since 2003.