haku: @author Chen, Q. / yhteensä: 7
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| Tekijä: | Chen, Q. Goldstein, I. Jiang, W. |
| Otsikko: | Payoff complementarities and financial fragility: evidence from mutual fund outflows |
| Lehti: | Journal of Financial Economics
2010 : AUG, VOL 97:2, p. 239-262 |
| Asiasana: | funds finance assets investors |
| Kieli: | eng |
| Tiivistelmä: | This article aims to empirically study financial fragility, and to show that fragility in financial markets is created by strategic complementarities among investors. The authors analyze data from mutual funds and find that funds with non-liquid assets, i.e. stronger complementarities, are more sensitive to weak past performance. This phenomenon, however, does not seem to be present in funds with large investors as shareholders. In addition, evidence is provided showing that alternative explanations such as the informativeness of past performance or clientele effects can not be considered as the cause of financial fragility. |
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