Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/250747 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
CFR Working Paper No. 21-11
Verlag: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Zusammenfassung: 
Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rightsto redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for redemption in kind to mitigate fund runs, including the delivery of more illiquid stocks and stocks with greater tax overhang.Funds also suffer less from the adverse impact of outflows on their performance.On the other hand, redeeming investors bear significant liquidation costs when they are forced to sell securities on their own.
Schlagwörter: 
redemption in kind
mutual funds
liquidity management
financial fragility
JEL: 
G23
G28
Dokumentart: 
Working Paper

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