Sung, Sangwook; Cho, Hoon; Ryu, Doojin - 2019
market price, sensitively react to other funds' investment decisions. In this environment, panic-based market runs can arise … not because of systematic risk but because of the fear of runs. The authors find that when the market regime changes from …, the market runs are more likely to occur in a market where hedge funds hold greater market exposure and uninformed traders …