events. Dispersion for large, investment grade bonds fell 20% to 83% after the start of TRACE reporting. A difference …-TRACE period, we also find some evidence that mark dispersion fell for investment grade issuers after introductions into Markit …

Investment funds are highly connected with each other, but also with the broader financial system. In this paper, we … connections (overlapping asset portfolios) between investment funds, we develop a macroprudential stress test that also includes … direct connections (cross-holdings of fund shares). In our application for German investment funds, we find that these direct …

years. Such tax-induced behavior is associated with negative fund performance. We highlight the role of co-investment in …

investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual …-sophisticated ones, are the main receivers. These differences are due to investment funds reacting more strongly on past performance and … displaying a more procyclical investment behavior compared to households and insurers. Our results raise consumer protection and …