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Events

Home Events
Bond Returns and the Trading of Large Mutual Funds
15Nov
Finance

Bond Returns and the Trading of Large Mutual Funds

15 Nov 2021 | 4:30 p.m. – 6:00 p.m.
Zoom
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Speaker: 

Dr. Chotibhak (Pab) Jotikasthira
Associate Professor
Corrigan Research Professor
Edwin L. Cox School of Business
Southern Methodist University

 

 

Abstract:

We show that mutual funds with a large share of a bond issue sell their holdings of that issue to a lower extent when they experience redemptions, arguably because they attempt to avoid a drop in the bond price and the consequent negative feedback effects on the unsold part of their position. As a consequence, bond issues with more concentrated ownership experience higher returns during periods of turmoil and have lower price volatility. We provide evidence that the stabilizing trading of bond funds with a large share of an outstanding issue can help explain how the intervention of the Fed in the corporate bond market through the Secondary Market Corporate Credit Facility quickly stabilized both eligible and ineligible bonds.

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Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18Jun
Economics | Seminar
Semiparametric Identification of the Discount Factor and Payoff Function in Dynamic Discrete Choice Models
18 June 2025 | 2:15 PM - 3:30 PM
KK 910 K. K. Leung Building, HKU
Prof. Katsumi Shimotsu
About Speaker
Dr. Chotibhak (Pab) Jotikasthira

Associate Professor, Corrigan Research Professor, Edwin L. Cox School of Business, Southern Methodist University

Bond Returns and the Trading of Large Mutual Funds
15 Nov 20214:30 p.m. – 6:00 p.m.
Zoom
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