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28 results on '"Zhang, Hanjiang"'

6. Fire Sales and Impediments to Liquidity Provision in the Corporate Bond Market.

Author

Wang, Z. Jay, Zhang, Hanjiang, and Zhang, Xinde

Subjects
CORPORATE bonds, BOND market, LIQUIDITY (Economics), MUTUAL funds, INSURANCE companies, SHORT selling (Securities)
Abstract

We examine impediments to liquidity provision by mutual funds to insurance companies during corporate bond fire sales. We find that financial regulation and limited capital capacity significantly affect liquidity provision. Mutual funds reduced their purchase of fire-sale bonds following regulatory changes after the 2008–2009 financial crisis. Funds facing more capital constraints (proxied by smaller cash and Treasury holdings, less liquid corporate bond investments, higher redemption risk, and less active investment styles) provide less liquidity. Mutual funds actively investing in fire-sale bonds earn significant returns from liquidity provision and demonstrate superior overall skills in corporate bond investments. [ABSTRACT FROM AUTHOR]

Published
2020
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27. Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes†.

Author

Sialm, Clemens, Starks, Laura, and Zhang, Hanjiang

Subjects
DEFINED contribution pension plans, ASSET allocation, PENSION trust investments, MUTUAL funds, INVESTMENT policy, ECONOMIC shock, ECONOMIC expansion, UNCERTAINTY, ECONOMICS
Abstract

In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors. [ABSTRACT FROM AUTHOR]

Published
2015
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