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Steering a Ship in Illiquid Waters : Active Management of Passive Funds

Koont, Naz; Ma, Yiming; Pástor, Ľuboš; Zeng, Yao - National Bureau of Economic Research - 2022

Exchange-traded funds (ETFs) are typically viewed as passive index trackers. In contrast, we show that corporate bond ETFs actively manage their portfolios, trading off index tracking against liquidity transformation. In our model, ETFs optimally choose creation and redemption baskets that...

Persistent link: https://www.econbiz.de/10013210067

Mutual Fund Flows and the Supply of Capital in Municipal Financing

Adelino, Manuel; Cheong, Sophia Chiyoung; Choi, Jaewon; … - National Bureau of Economic Research - 2023

This paper identifies the impact of fluctuations in the supply of capital from mutual funds on municipal bond financing and makes three contributions to the literature. First, we develop an identification strategy based on the Morningstar rating methodology at the moment that funds reach 5 years...

Persistent link: https://www.econbiz.de/10014226177

Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities

Chari, Anusha - National Bureau of Economic Research - 2023

Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly open-end mutual funds and ETFs, accounts for nearly half of the external financing flows to emerging markets exceeding cross-border lending by global banks. Evidence suggests that investment...

Persistent link: https://www.econbiz.de/10014250161

Corporate Governance Implications of the Growth in Indexing

Brav, Alon; Malenko, Nadya; Malenko, Andrey - National Bureau of Economic Research - 2022

Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund...

Persistent link: https://www.econbiz.de/10013477210

Mutual Fund Revenue Sharing in 401(k) Plans

Pool, Veronika K.; Sialm, Clemens; Stefanescu, Irina - National Bureau of Economic Research - 2022

Recordkeepers in DC pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be...

Persistent link: https://www.econbiz.de/10013477213

Target Date Funds as Asset Market Stabilizers : Evidence from the Pandemic

Parker, Jonathan A.; Sun, Yang - National Bureau of Economic Research - 2023

Target Date Funds (TDFs) provide retirement investors, many of whom are unsophisticated or inattentive, with age-appropriate exposures to different asset classes like stocks and bonds. To maintain exposures, TDFs trade actively against market returns, buying stock funds when the stock market...

Persistent link: https://www.econbiz.de/10014337872

Fund Flows and Income Risk of Fund Managers

Cen, Xiao; Dou, Winston Wei; Kogan, Leonid; Wu, Wei - National Bureau of Economic Research - 2023

Investment fund managers make asset allocation decisions on behalf of a significant segment of US households. To elucidate the incentives they operate under, as well as the income and career risks they face, we construct a unique and novel dataset, which encompasses detailed information on the...

Persistent link: https://www.econbiz.de/10014447307

Custom Proxy Voting Advice

Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024

This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive customized advice, and custom recommendations differ...

Persistent link: https://www.econbiz.de/10014576588

All Clear for Takeoff : Evidence from Airports on the Effects of Infrastructure Privatization

Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, … - National Bureau of Economic Research - 2022

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners … rather than operational changes. Overall, we find little evidence that privatization alone increases airport performance …; instead, infrastructure funds improve performance both in privatization and subsequent acquisitions from non-PE private firms …

Persistent link: https://www.econbiz.de/10013435106

Know Your Customer : Informed Trading by Banks

Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...

Persistent link: https://www.econbiz.de/10013388877

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