for comments on this paper. We thank Noah Stoffman for providing us with an analysis of the disposition effect for the Finnish dataset. Laney Smith provided valuable research assistance.
This research investigates the real effects of public liquidity provision. Using the Commercial Paper Funding Facility's (CPFF) eligibility criteria for non-financial commercial paper issuers as the identification strategy, we show that firms with access to the CPFF were able to mitigate the financing disruptions caused by the Lehman Brothers bankruptcy and… (More)
We identify strong and robust evidence of strategic performance allocation in the institutional money management industry, directed toward strong recent performers. The extent of strategic performance allocation varies with the product's client power. Strategic performance allocation is particularly pronounced for young products. Studying variation in… (More)