000			01407cam a2200229 4500500
005			20250121072442.0
041			_afre
042			_adc
100	1	0	_aBellando, Raphaëlle _eauthor
700	1	0	_a Capotă, Laura-Dona _eauthor
700	1	0	_a Galanti, Sébastien _eauthor
245	0	0	_aBond Fund Fragility: Flow Reactions to Extremely Negative Return Shocks
260			_c2021.
500			_a42
520			_aWe study the relationship between French bond mutual fund returns and their flows to assess whether mutual funds can generate financial instability. We show that mutual funds that present very negative short-term returns experience greater outflows than other funds (this effect appears at the bottom negative return quintile). Furthermore, regardless of the mutual funds’ returns, investors seem to redeem more during periods of financial stress. Additional results show that for institutional investors, the nonlinear effect appears more frequently, starting from the second quintile of negative returns. This confirms the fragility stemming from negative shocks to bond mutual funds.
690			_ashort-term unsecured lending
690			_asystemic risk
690			_awholesale funding
690			_afire sales
786	0		_nFinance | 42 | 2 | 2021-07-12 | p. 81-115 | 0752-6180
856	4	1	_uhttps://shs.cairn.info/journal-finance-2021-2-page-81?lang=en&redirect-ssocas=7080
999			_c486640 _d486640