@article {Prather58, author = {Prather, Larry J. and Chu, Ting-Heng and Mazumder, M. Imtiaz and Lin, Che-Chun}, title = {Indexing Institutional Funds}, volume = {2}, number = {3}, pages = {58--63}, year = {2011}, doi = {10.3905/jii.2011.2.3.058}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article investigates alternative S\&P 500 indexing strategies for institutional investors using S\&P 500 institutional index mutual funds and the Standard and Poor{\textquoteright}s Depository Receipts (SPDRs). This investigation is important because although SPDRs have lower advertised annual expenses, investors in SPDRs face bid{\textendash}ask spreads and commissions. The authors present a model to illustrate how alternative index investments can be compared, compute average spreads using transaction-by-transaction data, compute risk-adjusted returns for the competing investments, and model the results under several scenarios.}, issn = {2154-7238}, URL = {https://jii.iijournals.com/content/2/3/58}, eprint = {https://jii.iijournals.com/content/2/3/58.full.pdf}, journal = {The Journal of Index Investing} }