How Safe are Money Market Funds

By Marcin T. Kacperczyk, Philipp Schnabl. 2013

296 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/e17aca7e793950cfaa1ec75e43b4984b835b7aa9

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Citations in the corpus

The Financial Crisis of 2007–2009: Why Did It Happen and What Did We Learn? (2015, unknown): “The notion that MMFs were almost as safe as money was debunked by Kacperczyk and Schnabl (2013), who examined the risk-taking behavior of MMFs during 2007– 2010.”
Effects of Unconventional Monetary Policy on Financial Institutions (2014, background): “I follow Kacperczyk and Schnabl (2013) and aggregate asset holdings, yields, and expenses up to the fund level using share class asset shares as weights.”
Runs on Money Market Mutual Funds (2016, methodology): “Although our Average Gross Yield variable is designed to proxy for risk-taking, it is entirely possible that it does not do so without measurement error, and, thus, that Fund Business may be capturing some of the effect outlined by Kacperczyk and Schnabl (2013).”
Banks as patient fixed-income investors (2014, background): “…and Stafford, 2009; Shleifer and Vishny, 2010; Gorton and Metrick, 2011; Diamond and Rajan, 2011; Stein, 2012; Gennaioli, Shleifer, and Vishny, 2012, 2013; Kacperczyk and Schnabl, 2013; Krishnamurthy, Nagel, and Orlov, 2014; Chernenko and Sunderam, 2014; Sunderam, 2015; Moreira and Savov, 2014).”
Investor Flows and Fragility in Corporate Bond Funds (2017, background): “4 For empirical studies of the run on money market funds, see Kacperczyk and Schnabl (2013) and Schmidt, Timmerman, and Wermers (2016) .”
The Unintended Consequences of the Zero Lower Bound Policy (2016, unknown): “, Kacperczyk and Schnabl (2013), Chernenko and Sunderam (2014), Strahan and Tanyeri (2015)], until then, MMFs provided investors positive returns, even after paying fees.”
Inclusive banking, financial regulation and bank performance: Cross-country evidence (2021, background): “Investigating risk-taking incentives of money market funds, Kacperczyk and Schnabl (2013) show that money market funds have strong incentives to take more risk as they chase for higher yields.”
The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles (2017, unknown): “Not all MMFs invest in ABCP: while MMFs that primarily cater to retail investors tend to be more conservative and were less likely to invest in ABCP, institutional MMFs invested in riskier assets such as ABCP (Kacperczyk and Schnabl, 2013).”
Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds (2016, unknown): “6 shadow banking, including Gorton and Metrick (2012), Stein (2012), Kacperczyk and Schnabl (2013), Krishnamurthy, Nagel, and Orlov (2014), Chernenko and Sunderam (2014), and Schmidt, Timmerman, and Wermers (2016).”
Deposit Competition and Financial Fragility: Evidence from the US Banking Sector (2017, background): “…such as money market funds and asset-backed commercial paper market (Jank and Wedow (2010); Acharya, Schnabl and Suarez (2013); Covitz, Liang and Suarez (2013); Kacperczyk and Schnabl (2013); Strahan and Tanyeri (2015); Schroth, Suarez and Taylor (2014); and Schmidt, Timmermann and Wermers (2014)).”
The 'Greatest' Carry Trade Ever? Understanding Eurozone Bank Risks (2013, unknown): “Our paper is related to the literature investigating the yield-chasing investment behavior of non-bank financial institutions due to agency frictions (Becker and Ivashina, 2013; and Kacperczyk and Schnabl, 2013).”