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Cryptocurrencies are Not Immune to Coronavirus : Evidence from Investor Fear
Hoang, Lai T.; Baur, Dirk G. - 2021
This paper examines the effects of fear of coronavirus on returns and volatility of five major cryptocurrencies during … a significant contribution of fear to forecasting next-day volatility. The results indicate that (i) cryptocurrencies …
Persistent link: https://www.econbiz.de/10013248329
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Consumer reaction on tumbling funds : evidence from retail fund outflows during the financial crisis 2007/2008
Schmidt, Daniel; Schmielewski, Frank - 2012
Within this study we propose different measures to prove the influence of prior retail fund performance on fund flows. In contrast to previous literature, our work indicates that investors behave directly and in a selective manner by redeeming their shares of poor performing funds. By using a...
Persistent link: https://www.econbiz.de/10009409400
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Runs on money market mutual funds
Schmidt, Lawrence; Timmermann, Allan; Wermers, Russ - 2014 - [revised]
We study daily money market mutual fund flows at the individual share class level during the crisis of September 2008. The empirical approach that we apply to this fine granularity of data brings new insights into the investor and portfolio holding characteristics that are conducive to run-risk...
Persistent link: https://www.econbiz.de/10011482229
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Runs on Money Market Mutual Funds
Schmidt, Lawrence - 2015
We study daily money market mutual fund flows at the individual share class level during September 2008. This fine granularity of data facilitates new insights into investor and portfolio holding characteristics conducive to run risk in cash-like asset pools. Empirically, we find that...
Persistent link: https://www.econbiz.de/10013038202
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Market runs of hedge funds during financial crises
Sung, Sangwook; Cho, Hoon; Ryu, Doojin - 2019
A hedge fund's capital structure is fragile because uninformed fund investors are highly loss sensitive and easily withdraw capital in response to bad news. Hedge fund managers, sharing common investors and interacting with each other through market price, sensitively react to other funds'...
Persistent link: https://www.econbiz.de/10011998890
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Anatomy of a Run : The Terra Luna Crash
Liu, Jiageng; Makarov, Igor; Schoar, Antoinette - National Bureau of Economic Research - 2023
wiped out $50 billion in valuation. At the center of the collapse was a run on a blockchain-based borrowing and lending … protocol (Anchor) that promised high yields to its stablecoin (UST) depositors. Using detailed data from the Terra blockchain …, 2022, other large traders followed. Blockchain technology allowed investors to monitor each other's actions and amplified …
Persistent link: https://www.econbiz.de/10014250177
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From cash to central bank digital currencies and cryptocurrencies : a balancing act between modernity and monetary stability
Belke, Ansgar; Beretta, Edoardo - 2019
The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money. Which...
Persistent link: https://www.econbiz.de/10012063969
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From cash to central bank digital currencies and cryptocurrencies : a balancing act between modernity and monetary stability
Belke, Ansgar; Beretta, Edoardo - 2019
The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money. Which...
Persistent link: https://www.econbiz.de/10012034364
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The Elgar companion to decentralized finance, digital assets and blockchain technologies
Cronqvist, Henrik (ed.); Pely, Desiree-Jessica (ed.) - 2024
blockchain technology. Innovative and comprehensive, the Companion first lays out an overview of how decentralization can impact …. Chapters highlight specific regulatory considerations and the role of central banks, analyzing how cryptocurrencies interact …
Persistent link: https://www.econbiz.de/10014635728
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Embedded supervision : how to build regulation into decentralised finance
Auer, Raphael A. - 2022
The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and … with blockchain-enabled credibility based on economic consensus. The key results set out the conditions under which the …
Persistent link: https://www.econbiz.de/10013206072