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The Perils of Removing Rating-Based Regulation : Evidence From the US Money Market Funds Reform
Lugo, Stefano - 2019
Focusing on the 2016 US money market funds (MMFs) reform, this study assesses the impact of removing rating-based rules on the behavior of regulated investors and on market prices. Difference-in-differences fund-level and security-level analyses show a positive impact of the reform on the level...
Persistent link: https://www.econbiz.de/10012896779
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Post-Crisis Regulations, Market Making, and Liquidity in Over-the-Counter Markets
Wang, Xinjie - 2020
risk weight decreases in the post-regulation period. Overall, our paper points to an important unintended consequence of …
Persistent link: https://www.econbiz.de/10012850380
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Private equity and hedge funds : post-global financial crisis performance and regulations
Rao, Sandeep; Tandon, Shivani; Koirala, Santosh - In: Themes in alternative investments, (pp. 61-74). 2024
Persistent link: https://www.econbiz.de/10014636824
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Dodd-Franking the Hedge Funds
Cumming, Douglas J. - 2016
This paper analyzes the impact of the Dodd-Frank Act on hedge fund performance, risk, and fund flows. The data indicate that, relative to non-US hedge funds, US hedge funds that are regulated under Dodd-Frank have experienced greater decline in fund alphas, return standard deviation, and...
Persistent link: https://www.econbiz.de/10013005645
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Hedge Fund Leverage : The Role of Moral Hazard and Liquidity Insurance
Agarwal, Samanvaya - 2021
We provide a model of hedge fund securing financing from a prime broker where deterioration in collateral value exacerbates counterparty risk and liquidity risk for the prime broker due to strategic actions of hedge funds. Costs of liquidity insurance and enforcing contracts determine hedge fund...
Persistent link: https://www.econbiz.de/10013312236
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Dodd-Franking the Hedge Funds
Cumming, Douglas J. - 2017
This paper analyzes hedge fund performance, risk, and fund flows before and after the implementation of the Dodd-Frank Act. The data indicates that, relative to non-US hedge funds, US hedge funds that are regulated under Dodd-Frank have lower fund alphas in the post-Dodd-Frank implementation...
Persistent link: https://www.econbiz.de/10012947701
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Regulators' Irrational Rationality and Bankers' Rational Irrationality : Too Big to Fail, Self-Regulation, Moral Hazard and the Global Financial Crisis, 2007-2009
Umlauft, Thomas S. - 2018
then proceeds by detailing how an ill-designed policy framework, relying on supposed market approaches to regulation … – including self-regulation and credit rating agencies – enabled TBTF financial institutions to game the system and thereby …
Persistent link: https://www.econbiz.de/10012937724
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Investors' appetite for money-like assets : the money market fund industry after the 2014 regulatory reform
Cipriani, Marco; La Spada, Gabriele; Mulder, Philip - 2017
We document the reaction of money market fund (MMF) investors and portfolio managers to a new SEC regulation that came … into effect in October 2016. This regulation forces all prime and municipal MMFs to adopt a system of redemption gates and … by the new regulation, as opposed to traditional flight-to-safety motives. Third, the outflow from prime and muni MMFs …
Persistent link: https://www.econbiz.de/10011667713
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Is the EU money market fund regulation fit for purpose? : lessons from the COVID-19 turmoil
Capotă, Laura-Dona; Grill, Michael; Molestina Vivar, Luis - 2022
The market turmoil in March 2020 highlighted key vulnerabilities in the EU money market fund (MMF) sector. This paper assesses the effectiveness of the EU's regulatory framework from a financial stability perspective, based on a panel analysis of EU MMFs at a daily frequency. First, we find that...
Persistent link: https://www.econbiz.de/10013390997
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Agenda for building a new financial market architecture
Schäfer, Dorothea - 2009
Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...
Persistent link: https://www.econbiz.de/10011387132