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SUMMARY:Online seminar – Bond returns and the trading of large mutual fu
 nds - Mariassunta Giannetti\, Professor of Finance\, Stockholm School of E
 conomics
DTSTART:20211116T130000Z
DTEND:20211116T141500Z
UID:TALK166168@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We show that mutual funds with a large share of a bond issue s
 ell their holdings of that issue to a lower extent when they experience re
 demptions\, arguably because they attempt to avoid a drop in the bond pric
 e 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 stabilising trading of bond funds
  with a large share of an outstanding issue can help explain how the inter
 vention of the Fed in the corporate bond market through the Secondary Mark
 et Corporate Credit Facility quickly stabilised both eligible and ineligib
 le bonds.\n\n\n
LOCATION:via zoom 
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