proposal would require that a small fraction of each MMF investor's recent balances, called the "minimum balance at risk" (MBR …, when the risk of MMF losses is remote, subordination would have little effect on incentives. We use empirical evidence … market funds ; runs ; redemption restrictions ; systemic risk …

proposal would require that a small fraction of each MMF investor's recent balances, called the "minimum balance at risk" (MBR … the risk of MMF losses is remote, subordination would have little effect on incentives. We use empirical evidence …

proposal would require that a small fraction of each MMF investor's recent balances, called the "minimum balance at risk" (MBR …, when the risk of MMF losses is remote, subordination would have little effect on incentives. We use empirical evidence …