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Reshaping Financial Systems. New Technologies and Financial Innovations – Evidence from the United States, Mexico and Brazil

Lechman, Ewa - 2014

. Particularly, we examine the impact of ICT adoption on changing values of exchange traded funds in Brazil and Mexico, comparing it … development of exchange traded funds in Mexico and in the United States, measured by increases in assets under management …. Moreover, in the period 2002-2012 Mexico has caught up with the United States in terms of ETFs share in total investment funds …

Persistent link: https://www.econbiz.de/10013056582

ICT Technologies and Financial Innovations : The Case of Exchange Traded Funds in Brazil, Japan, Mexico, South Korea and the United States

Lechman, Ewa - 2014

examine the impact of increasing ICT penetration on the assets of exchange traded funds in Brazil, Mexico, Japan and South …, Mexico, the United States and South Korea; while in Brazil the analogous relationship is relatively weak, although still …

Persistent link: https://www.econbiz.de/10013040147

Reshaping financial systems : new technologies and financial innovations - evidence from the United States, Mexico and Brazil

Lechman, Ewa; Marszk, Adam - 2014

. Particularly, we examine the impact of ICT adoption on changing values of exchange traded funds in Brazil and Mexico, comparing it … fast development of exchange traded funds in Mexico and in the United States, measured by increases in assets under … management. Moreover, in the period 2002-2012 Mexico has caught up with the United States in terms of ETFs share in total …

Persistent link: https://www.econbiz.de/10011802118

Financial markets diffusion patterns. The case of Mexican investment funds

Marszk, Adam; Lechman, Ewa; Kaur, Harleen - 2016

market in many countries, including Mexico. Due to their similar investment objectives, ETFs are considered substitutes for … mutual funds. This paper examines the changes of the investment funds (ETFs and mutual funds) in Mexico over 2002-2012 using …

Persistent link: https://www.econbiz.de/10011783033

The Domestic Transmission of International Shocks : Evidence from US and Mexican Mutual Funds

De Jesus, Miguel - 2018

In this study, I demonstrate that international mutual funds can cause temporary stock price deviations from fundamentals in the countries they have positions in. I show that US mutual funds massively sold their Mexican equity when the recent crisis was developing, which then led to the average...

Persistent link: https://www.econbiz.de/10012930987

Aggregate risk and efficiency of mutual funds

Kucinskas, Simas - 2015

I analyze welfare properties of mutual funds in the Diamond-Dybvig model with two sources of aggregate risk: undiversifiable interest rate risk and shocks to aggregate liquidity demand. Mutual funds are inefficient when the economy faces undiversifiable interest rate risk. However, if only...

Persistent link: https://www.econbiz.de/10011339154

Liquidity creation without banks

Kucinskas, Simas - 2015

I revisit the Diamond-Dybvig model of liquidity insurance in the presence of hidden trades. The key result is that in this environment deposit-taking banks are not necessary for the efficient provision of liquidity. Mutual funds are constrained efficient when supplemented with the same...

Persistent link: https://www.econbiz.de/10011327337

Market transparency and the marking precision of bond mutual fund managers

Cici, Gjergji; Gibson, Scott; Gündüz, Yalın; … - 2014

We analyze the dispersion of month-end price marks simultaneously placed on identical corporate bonds by different US mutual fund managers before and after initiations of TRACE and introductions of issuers into Markit’s CDS database. Disseminated bonds show large and statistically significant...

Persistent link: https://www.econbiz.de/10010373710

Market Transparency and the Marking Precision of Bond Mutual Fund Managers

Cici, Gjergji - 2013

We analyze the dispersion of month-end prices simultaneously placed on identical corporate bonds by different US mutual fund managers before and after initiations of TRACE and introductions of issuers into Markit's CDS database. Disseminated bonds show large and statistically significant...

Persistent link: https://www.econbiz.de/10013074305

Monetary policy and the run risk of loan funds

Cetorelli, Nicola; La Spada, Gabriele; Santos, João A. C. - 2022

Loan funds are open-end mutual funds holding predominantly corporate leveraged loans. We document empirically that loan funds are significantly more susceptible to run risk than any other category of debt funds, including corporate bond funds. Most importantly, we establish a link between loan...

Persistent link: https://www.econbiz.de/10013162106