Although the 1940 Act restricts interfund lending within a mutual fund family, families can apply for exemptions from the regulator to participate in interfund lending. We find that heterogeneity in portfolio liquidity and investor flows across funds, funds' investment restrictions, and...

Donation-based crowdfunding, as part of impact investment, plays a vital role in promoting economic development and alleviating poverty. In order to enhance the lender's enthusiasm for lending behavior, some platforms, for example Kiva, have introduced groups to facilitate lending. This study...