Institutional investors, such as investment funds, are playing an increasingly important role in residential real …

We document that compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when … disaster risk shocks, investment funds shed periphery but do not adjust core sovereign debt holdings. The periphery debt shed … by investment funds is picked up by investors domiciled in the issuing country, namely banks in the short term and …

for both ECB-eligible and ineligible corporate bonds. Bonds that were held to a larger extent by investment funds in our …

We study the impact of a liquidity shock affecting investment funds on the financing conditions of firms. The abrupt … liquidity needs of investment funds, triggered by the outbreak of the Covid-19 pandemic, prompted a retrenchment from bond …, and indirectly via banks. According to our results, the spreads of corporate bonds held by investment funds increased …

Investment funds hold a disproportionately larger fraction of domestic relative to foreign stocks. Stock market …