{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,5]],"date-time":"2026-10-05T14:07:39Z","timestamp":1791209259181,"version":"4.1.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Rebalancings of international benchmark indexes shape portfolio allocations and cross-border capital flows. Yet the underlying trading\u2014who generates benchmark-driven demand and who absorbs it\u2014is rarely observed. Using transaction-level data from the Colombian stock market and additions and deletions of stocks from MSCI international equity indexes, we trace international investors\u2019 benchmark-driven trades and identify their domestic and foreign counterparties. Benchmark-driven demand extends beyond explicit index funds and ETFs: most rebalancing-driven flows come from nominally active international investors. Domestic investors absorb most of these reallocations, while brokers and hedge funds take small net offsetting positions. Combining observed flows with the associated price changes yields implied elasticities that are small in absolute value, consistent with steep local demand curves, especially whendomestic retail investors account for a larger share of absorption.<\/jats:p>","DOI":"10.2139\/ssrn.7565249","type":"posted-content","created":{"date-parts":[[2026,10,5]],"date-time":"2026-10-05T13:43:59Z","timestamp":1791207839000},"source":"Crossref","is-referenced-by-count":0,"title":["Who Trades Index Rebalancings? Evidence on\u00a0Benchmarking and International Portfolio Flows"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8372-6493","authenticated-orcid":true,"given":"Tomas","family":"Williams","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,5]],"date-time":"2026-10-05T13:43:59Z","timestamp":1791207839000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7565249"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7565249","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}