This paper identifies major determinants of mutual fund flows to Hong Kong equities, which is essential for financial regulators and investors to understand potential sources of instability in domestic financial markets. We find that fund flows to global equities outweigh other fund-specific...

The growing reliance on ETFs, especially for those ETFs being redeemed in cash, has raised concerns about their resilience to a market downturn. We show that abrupt redemptions of cash-redeemable ETFs may occur during a market downturn. In particular, an initial redemption shock to ETFs with a...