Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors...
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详细
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2012/11/01
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日志文章
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83333
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1
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1
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2016/01/11
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Disclosed
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On the international transmission of shocks : micro-evidence from mutual fund portfolios
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bond fund