دانلود مقاله ISI انگلیسی شماره 101905
ترجمه فارسی عنوان مقاله

پرواز به نقدینگی، عدم اطمینان بازار و اقدامات سرمایه گذاران صندوق های سرمایه گذاری

عنوان انگلیسی
Flight-to-liquidity, market uncertainty, and the actions of mutual fund investors
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
101905 2017 48 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Intermediation, Volume 31, July 2017, Pages 30-44

پیش نمایش مقاله
پیش نمایش مقاله  پرواز به نقدینگی، عدم اطمینان بازار و اقدامات سرمایه گذاران صندوق های سرمایه گذاری

چکیده انگلیسی

We explore the trading decisions of equity mutual funds during ten periods of extreme market uncertainty. We find that mutual funds reduced their aggregate holdings of illiquid stocks. Exploring the drivers behind this result reveals that this is mainly driven by larger withdrawals from funds that hold less liquid stocks. We further find that the sell-off of illiquid stocks occurred only after initial deterioration in market conditions, consistent with retail investors’ response to bad performance. At a broader level, this shows that mutual funds consumed liquidity during periods where liquidity was most valuable. Moreover, the fact that fund managers traded in response to these withdrawals suggests a potentially magnifying channel for the drop in illiquid stock prices, also known as flight-to-liquidity.