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Swing Pricing and Fragility in Open-end Mutual Funds
How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.
Fundamentals of Entrepreneurial Finance
Fundamentals of Entrepreneurial Finance provides a comprehensive introduction to entrepreneurial finance, showing how entrepreneurs and investors jointly turn ideas into valuable high-growth start-ups. Marco Da Rin and Thomas Hellmann examine the challenges entrepreneurs face in obtaining funding and the challenges investors face in attracting promising ventures. They follow the joint journey of entrepreneurs and investors from initial match to the eventual success or failure of the venture. Written with the goal of making entrepreneurial finance accessible, this book starts with the basics, develops advanced topics, and derives practical insights. Da Rin and Hellmann build on academic foundations from several disciplines and enrich the text with data, mini-cases, examples, and exercises.
Why Shadow Banking Didn’t Cause the Financial Crisis
Most American adults easily recognize the following description of the 2008 financial crisis. Unregulated Wall Street firms (so-called shadow banks) made too many risky bets with derivatives, causing the housing bubble to burst. The contagious run through the financial system was only stopped by bailouts from the federal government and major regulatory changes. But what if the record demonstrates that the core of this story is misleading and that the resulting regulations are misguided? Now, almost 15 years later, the Biden administration is using this same story to promote more regulations for money market mutual funds (a key part of the supposedly dangerous shadow banking system) and even ...
Global Financial Stability Report, October 2022
Global financial stability risks have increased amid a series of cascading shocks. Chapter 1 analyzes the policy response of central banks to high inflation, the risks of a disorderly tightening of financial conditions, and debt distress among emerging and frontier markets. Markets have been extremely volatile, and a deterioration in market liquidity appears to have amplified price moves. In Europe, the energy crisis is contributing to a worsening outlook. In China, the property sector remains a key source of vulnerability. Chapter 2 examines how to narrow the climate financing gap in emerging market and developing economies. Climate policies, including carbon pricing, climate disclosures, a...
The Behavior of Fixed-income Funds during COVID-19 Market Turmoil
This note analyzes the stress experienced (and caused) by open-end mutual funds during the March COVID-19 stress episode, with a focus on global fixed-income funds. In light of increased valuation uncertainty, funds experienced a short period of intense withdrawals while the market liquidity of their holdings deteriorated substantially. To cover redemptions, afflicted funds predominantly shed liquid assets first—for example, cash, cash equivalents, and US Treasury securities. But forced asset sales amplified price pressures in markets and contributed to liquidity falling across fixed-income markets. This drop in market liquidity, as well as the general stress in financial markets, may have led to fund investors becoming even more sensitive to challenging portfolio performance and encouraged further withdrawals. Only after central banks intervened, directly and indirectly supporting asset managers, did liquidity and redemption stress subside. Overall, the March episode validated the financial-stability concerns about liquidity vulnerabilities in the fund industry and calls for further action to address them.
A Historical Survey of the Yellow River and the River Civilizations
This book explores the relationship between rivers and ethics in China, with a particular focus on the health of the Yellow River and China’s sustainable development. Though the book falls into the category of East Asian History, it is an interdisciplinary academic work that addresses not only history, but also culture, human geography and physical geography. It traces the changes in the Yellow River over time and examines the origin and developmental course of Chinese civilization, which has always been closely intertwined with the Yellow River. It also draws comparisons between the Yellow River and the Yangtze, Nile, Tigris, Euphrates and Indus rivers to provide insights into how they ha...
The Chinese Classic Novels (Routledge Revivals)
First published in 1988, this reissue is an important work in the field of national literary exchange. Declared by American Library Association in its Choice publication one of the ten best reference works of 1988, the volume has survived global change - politically, socially, economically, religiously, aesthetically - to promote cultural dialogue between China and the West. Besides the scores of annotated sources, the introductory essays remain as authentic and moving as the day of their appearance. Equally to be observed is accelerating demand, especially in academic institutions, for global cultural exchange through national literatures. How can we of the English-speaking world, for example, adequately understand and converse with our Chinese counterparts without some appreciation of their culture, notably of Confucian and Taoist roles in their history as reflected in their literature? Overall, a pioneering work whose reissue will be welcomed by both scholars and general readers alike.
