Liability Structure and Risk Taking: Evidence from the Money Market Fund Industry

被引：6

作者：

Baghai, Ramin P. ^{[1
,2
]}

Giannetti, Mariassunta ^{[3
,4
]}

Jager, Ivika ^{[5
]}

机构：

[1] Stockholm Sch Econ, Ctr Econ Policy Res CEPR, Stockholm, Sweden

[2] European Corp Governance Inst ECGI, Brussels, Belgium

[3] Stockholm Sch Econ, CEPR, Stockholm, Sweden

[4] ECGI, Stockholm, Sweden

[5] Aalto Univ, Sch Business, Espoo, Finland

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2022年 / 57卷 / 05期

关键词：

LIQUIDITY; BANKS; IMPACT;

D O I：

10.1017/S0022109021000338

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

How does the structure of financial intermediaries' liabilities affect their asset holdings? We investigate the consequences of the 2014 money market fund (MMF) reform, which imposed redemption gates and liquidity fees on prime MMFs and forced prime funds marketed to institutional investors to switch from constant to floating net asset value. These changes made prime MMFs' liabilities less money-like. As a consequence, the affected MMFs experienced an increase in flow-performance sensitivity and started taking more risks. In addition, the total funding provided by MMFs to the corporate sector, and especially to safer issuers, has decreased.

引用

页码：1771 / 1804

页数：34

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