tailieunhanh - Mutual Funds And Stock And Bond Market Stability

Some pension funds and other institutional investors have already expressed their interest in - or indeed already are - investing in climate change related assets. Consequently, various industry groups have been formed in order to increase industry expertise in this area and to engage in a dialogue with governments to explain the sort of investment environment and financing vehicles which are necessary to support their greater engagement. They are also exploring how to pool resources in order to achieve the scale which investment in some of these projects requires. . | MUTUAL FUNDS AND STOCK AND BOND MARKET STABILITY by Franklin R. Edwards 625 Uris Hall Graduate School of Business Columbia University New York NY 10o27 Telephone 212-854-4202 and Xin Zhang The World Bank 1818 H Street . Washington DC 20433 Telephone 202-458-4783 Email Xzhang2@ Forthcoming Journal of Financial Service Research Franklin R. Edwards is the Arthur F. Burns Professor of Free and Competitive Enterprise at the Graduate School of Business of Columbia University. Xin Zhang is a Financial Economist of the Capital Markets Development Department of the World Bank. We wish to thank members of the ÒFree LunchÓ Finance Group at the Columbia Business School participants in the Economics Workshop at the Graduate School of the City University of New York and the Conference of Ten-years Since Crash at Owen School of Business of Vanderbilt University and especially George Benston Hans Stoll and John Rae for helpful comments. The Investment Company Institute graciously provided mutual fund data. ABSTRACT The unprecedented growth of mutual funds has raised questions about the impact of mutual fund flows on stock and bond prices. Many believe that the equity bull market of the l990 s is attributable to the huge flows of funds into equity mutual funds during this period and that a withdrawal of those funds could send stock prices plummeting. This article investigates the relationship between aggregate monthly mutual fund flows sales redemptions and net sales and stock and bond monthly returns during a 30-year period beginning January l961 utilizing Granger causality and instrumental variables analysis. With one exception flows into stock and bond funds have not affected either stock and bond returns. The exception is 1971-81 when widespread redemptions from equity mutual funds significantly depressed stock returns. In contrast the magnitude of flows into both stock and bond funds are significantly affected by stock and bond returns. MUTUAL FUNDS AND STOCK .

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