報告簡介𓀏：In 2016, institutional prime funds floated their Net Asset Values (NAVs), whereas retail funds retained stable NAVs. We use this contrast to test whether flotation affects portfolio management: it does not. There was an effect around the change, with duration, illiquidity, credit risk, yields and NAVs all lower among institutional funds, but this passed. Prime funds adjusted to the concurrent asset shrinkage largely through shrinking transactions, but also through shrinking the number of both issuers and transactions per issuer. The quality of funds’ transactions improves with the sizes of their complexes, not the sizes of the transactions themselves.

 

 

報告人簡介：David K. Musto is the Ronald O. Perelman Professor in Finance and the Faculty Director of the Stevens Center for Innovation in Finance, at the Wharton School, where he has been on the faculty since 1995. He was chair of the department from 2013 to 2019. He has served as a Senior Financial Economist at the Securities Exchange Commission, and is on the advisory boards of Human Interest and the Impact Investing Exchange. He has a B.A. from Yale University and a Ph.D. from the University of Chicago, and between college and graduate school he worked for Roll and Ross Asset Management in Culver City, CA. He has published research in the areas of fund management, consumer credit, predatory lending and financial distress, corporate and political voting, option and money-market pricing, equity lending and impact investing.