Money market reforms:The effect on the commercial paper market

被引：1

作者：

Allen, Kyle ^{[1
]}

Saha, Pritam ^{[2
]}

Whitledge, Matthew ^{[3
]}

Winters, Drew ^{[4
]}

机构：

[1] Boise State Univ, 1910W Univ Dr, Boise, ID 83725 USA

[2] Morgan State Univ, 1700 East Cold Spring Lane, Baltimore, MD 21251 USA

[3] Mississippi State Univ, 40 Old Main, Mississippi State, MS 39762 USA

[4] Texas Tech Univ, 2500 Broadway, Lubbock, TX 79409 USA

来源：

JOURNAL OF BANKING & FINANCE | 2023年 / 154卷

关键词：

Commercial paper; Money market funds; Relationship lending; LIQUIDITY SHOCKS EVIDENCE; BEHAVIOR; SAFE;

D O I：

10.1016/j.jbankfin.2023.106947

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the effects of the 2016 Securities and Exchange Commission (SEC) reforms of Money Market Funds (MMFs) on the commercial paper market. By exploiting the differential time effect, we document a rise in the commercial paper (CP) rates. The rise in CP rates is more pronounced when the shadow floating NAV period starts and is similar across different types of commercial paper. Our cross-sectional analysis finds support for relationship-based lending in both commercial paper holdings and rates. We find that big issuers experienced a decrease and small issuers observed an increase in commercial paper outstanding from MMFs in the post-period. We find no evidence that rates vary across the size of the issuer in the post-period. Finally, financial institutions pay higher rates in the post-period than non-financial institutions.& COPY; 2023 Elsevier B.V. All rights reserved.

引用

页数：17

共 33 条

[1] A Crisis of Banks as Liquidity Providers [J].