Cross-trading and Liquidity Management: Evidence from Municipal Bond Funds
The high flow-performance sensitivity in open-end municipal bond funds motivates fund managers to actively manage funding liquidity risk and reduce the costs of flow-driven transactions. Funds with volatile past flows build up liquidity buffers by holding more cash and liquid municipal bonds in thei...
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| Language: | en_US |
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University of Oregon
2018
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| Online Access: | http://hdl.handle.net/1794/23771 |