Showing 1 - 10 of 1,486
This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand allows Robinhood traders to...
Persistent link: https://www.econbiz.de/10012487631
With the Paris Agreement of 2016, 189 nations signed a legally binding document to keep global warming below 2 C, and to pursue efforts to limit the temperature increase to 1.5 C. It was recognized that this would reduce climate change impacts substantially. All signatories submitted "Intended...
Persistent link: https://www.econbiz.de/10012518089
Due to recent technological developments, the securities markets structure could be fully reshaped and rethought. One of the major innovation in field is so-called distributed ledger technology. In the current securities market securities trades between two parties require the involvement of...
Persistent link: https://www.econbiz.de/10012916019
On July 31, 2017, S&P Dow Jones Indices announced it would no longer add companies with multiple share classes to its flagship S&P 500 index. This decision was designed to protect index fund investors against unequal voting rights structures, but it has already lowered investors’ returns and...
Persistent link: https://www.econbiz.de/10014361315
The collapse of Silicon Valley Bank and Signature Bank in March 2023 triggered a flight to quality. This paper analyses flows to and from money market mutual funds (MMFs) and stablecoins consistent with a flight to quality. We find aggregate net inflows to MMFs and aggregate net outflows from...
Persistent link: https://www.econbiz.de/10014362190
Repurchase agreements are critical financing tools that lubricate the financial system. They have been complicit in financial crises, yet they may hold the key to post-recession “normalization.” Despite their importance in practice, they are all but ignored in the traditional undergraduate...
Persistent link: https://www.econbiz.de/10013249833
This paper discusses how the bankers' acceptance (BA) market in Canada is organized and its essential link to the Canadian Dollar Offered Rate (CDOR). Globally, BAs are a niche product used only in a limited number of jurisdictions. In Canada, BAs provide a key source of funding for small and...
Persistent link: https://www.econbiz.de/10011863026
Using novel data on investors' bond portfolios, we study the contagion of the crisis from securitized bonds to corporate bonds. When securitized bonds became “toxic” in August 2007, mutual funds retained the now illiquid securitized bonds and sold corporate bonds. Funds with negative flows...
Persistent link: https://www.econbiz.de/10013084912
The assets under management of investment funds have soared in recent years, triggering a debate on their possible implications for financial stability. We contribute to this debate assessing the asset price impact of fire sales in a novel partial equilibrium model of euro area funds and banks...
Persistent link: https://www.econbiz.de/10012316976
This is the fourth of the Financial Markets Department's descriptions of Canadian financial industrial organization. The paper discusses the organization of the securities lending market in Canada. We outline key characteristics of securities lending contracts, participants in the securities...
Persistent link: https://www.econbiz.de/10012030423