![]() ![]() Funds with price-based LMTs also rebalance their portfolios towards less liquid bonds, which results in lower price fragility among bonds held disproportionally by our sample of Irish-domiciled funds. This difference is stronger among funds with a high sensitivity of flows to past-performance and reflects both higher gross in-flows and lower gross outflows during this episode. We find that funds with access to price-based tools such as redemption fees or anti-dilution levies experienced lower net outflows in March 2020, as compared to funds with only quantity-based tools such as redemption gates, temporary suspensions or redemption in kind. We employ a unique dataset that reports the availability of different types of LMTs in a sample of Irish-domiciled corporate bond funds. We study the role of liquidity management tools (LMTs) in mitigating financial fragility in investment funds during the COVID-19 market distress. G2 : Financial Economics→Financial Institutions and Services G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors Abstract The findings highlight the real effects from fire sales arising due to contracting frictions. The erosion in the liquidity positions of exposed firms spills over into real economic activity. These fire sales exert price pressure on the securities of unrelated firms, creating market dislocations. Following a negative shock to the oil & gas industry, CLOs with exposure to oil and gas loans are pushed closer to their covenant thresholds and fire-sell unrelated loans in the secondary loan market to alleviate these constraints. This paper investigates how covenants, intrinsic to Collateralized Loan Obligation (CLO) indentures, may amplify idiosyncratic shocks, imposing negative externalities on unrelated firms in CLO portfo-lios. Blast your way through action packed levels in the G-Force Rapid Deployment Vehicle.E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles Abstract.Turn enemies into allies with the Saber microchip implanting technology. ![]() ![]() Play as Darwin, the leader of the G-Force, and Mooch, your housefly commando sidekick.Battle an army of evil robots with cool weapons and high-tech gadgets not seen in the movie.Explore the world from a unique perspective as you team up with other G-Force agents to save the world as only a squad of guinea pigs can. In Disney's G-Force the video game, by using each G-Force character's unique talents and gadgets, players can speed through areas, fly to high altitudes or even slow down time. Take control of both G-Force commander Darwin and his housefly surveillance sidekick, Mooch, as they apply their talents to defeat an evil army of altered household appliances. Based on the Walt Disney Pictures and Jerry Bruckheimer blockbuster movie of the same name, G-Force the video game is an exciting action-platformer that draws you into the adventures of an elite team of trained guinea pigs on a mission to thwart a sinister plot to destroy the world. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |