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Using a comprehensive database of corporate news, we find that bond funds trade against the direction of news sentiment … such alphas is bond price reversals post news events. Our findings highlight that bond mutual funds represent a significant … liquidity provider in the corporate bond market and play a complementary role to dealers in corporate news events. …
Persistent link: https://www.econbiz.de/10014456062
This paper investigates the sensitivity of the demand for safe government debt to currency unhedged and hedged excess returns in a sample of US mutual funds. We find evidence of active rebalancing towards government bonds that offer relatively higher returns on an unhedged basis, in particular...
Persistent link: https://www.econbiz.de/10014527087
data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the … destabilizing impact on bond markets that reverses once rules are changed …
Persistent link: https://www.econbiz.de/10011931879
This paper investigates whether bond fund managers with credit rating experience outperform their peers. We document … that bond fund managers who previously worked in credit rat- ing agencies on average create higher risk-adjusted returns …
Persistent link: https://www.econbiz.de/10014348818
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Using survey evidence from European asset managers, we provide insights into their green bond investment activities and … green bond market via a variety of investment channels. Investors prefer green bonds issued from corporate issuers and … post-issuance, are the most frequently named factors impacting respondents’ decision to invest in a green bond, and unclear …
Persistent link: https://www.econbiz.de/10013236148
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We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in very different ways. Traditional banks create safe claims with a combination of costly...
Persistent link: https://www.econbiz.de/10013058005