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摘要
En 中文
Mutual funds often invest in other funds. In this paper, we analyze the economics behind such cross-fund investments and investigate their financial stability implications. Using granular data for the German fund sector, our main findings are that cross-fund investments (a) are becoming increasingly important over time, (b) were heavily liquidated during March 2020, and (c) display measurable contagion effects. Overall, cross-fund investments can elevate structural fund sector vulnerabilities. Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online.
Keyword:
G10
G11
G23
期刊
IF:
5.4
论文数:
2.8K
被引数:
3.0W
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