1. 教學項目
      教師與研究
      學生發展
      國際交流
      校友
      合作發展
      研究機構
      關于我們

      【學術預告】美國聯邦儲備委員會經濟學家Xing (Alex) Zhou學術研討會:Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds

      時間: 2022-03-30 10:00 來源: 作者: 瀏覽量:716 字號: 打印


      主題:Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds

      主講人:Xing (Alex) Zhou,美國聯邦儲備委員會經濟學家

      時間:330日(周三)10:00-11:30

      地點:4-101教室

      語言:英文

      ?

      摘要:

      Against the backdrop of COVID-19, we study how the interactions of mutual funds and dealers introduce fragility to the municipal bond market and induce lasting market impacts. During the crisis, trading surges while dealers’ liquidity provision plunges for mutual-fund-held bonds, leading to greater price depressions in these bonds. Importantly, the crisis reshapes the market’s perceptions of mutual fund fragility risks, with the aftermath-yield spreads widening significantly more for bonds with greater mutual fund exposures. Such post-crisis pricing effects reflect dealers’ continued reluctance to provide liquidity for mutual-fund-held bonds and they are stronger for bonds whose mutual fund holders are more susceptible to investor runs.


      A片在线观看