On 23 July 2014, the U.S. Securities and Exchange Commission (SEC) passed the "Money Market Reform: Amendments to Form PF ," designed to prevent investor runs on money market mutual funds such as those experienced in institutional prime funds following the bankruptcy of Lehman Brothers. The...

Contrary to the widely held misconception that alternative mutual funds use derivatives to take on significant risk in the search for outsized returns, the empirical evidence suggests that these funds do not subject investors to undue risk, and have important diversification benefits that can...

This paper considers the economic implications of supporting ``prime" money market funds with capital buffers. The main findings are twofold. First, relatively small capital buffers are capable of absorbing daily fluctuations between a fund's shadow price and its amortized cost. The ability to...

This paper considers the economic implications of supporting prime money market funds with capital buffers. The main findings are twofold. First, relatively small capital buffers are capable of absorbing daily fluctuations between a fund's shadow price and its amortized cost. The ability to...