Investor Flows and Fragility in Corporate Bond Funds

  title={Investor Flows and Fragility in Corporate Bond Funds},
  author={Itay Goldstein},
Investment in bond mutual funds has grown rapidly in recent years. With it, there is a growing concern that they are a new source of potential fragility. While there is a vast literature on flows in equity mutual funds, relatively little research has been done on bond mutual funds. In this paper, we explore flow patterns in corporate-bond mutual funds. We show that their flows behave very differently than those of equity mutual funds. While we confirm the well-known convex shape for equity… CONTINUE READING
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