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Sturm und Drang in money market funds: When money market funds cease to be narrow

机译：货币市场基金的风暴与冲动：货币市场基金不再狭窄

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This paper investigates the returns and flows of German money market funds before and during the liquidity crisis of 2007/2008. The main findings of this paper are: in liquid times, money market funds enhanced their returns by investing in less liquid papers. By doing so they outperformed other funds as long as liquidity in the market was high. Investing in less liquid assets, however, widens the narrow structure of money market funds and makes them vulnerable to runs. During the shortening of liquidity caused by the subprime crisis, illiquid funds experienced runs, while more liquid funds functioned as a safe haven.

机译：本文研究了2007/2008年流动性危机之前和之中的德国货币市场基金的收益和流量。本文的主要发现是：在流动时期，货币市场基金通过投资较少的流动票据来提高其收益。这样一来，只要市场上的流动性很高，它们的表现就会超过其他基金。但是，投资流动性较小的资产会扩大货币市场基金的狭窄结构，并使它们容易受到挤兑。在次贷危机造成的流动性缩短期间，流动性不足的资金流失，而更多的流动性资金则充当避风港。

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Jank Stephan; Wedow Michael;
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年度 2010
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原文格式 PDF
正文语种 eng
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1. "[Purported hedge fund manager Tamer] Moumen encouraged dozens of clients, including many who were nearing retirement age, to liquidate their other investments and retirement accounts, and invest with him. Moumen did not tell investors that he actually had no experience managing a hedge fund, had a history of losing money in the securities market, and was relying on investor money to support his lifestyle and pay for personal expenses." [J] . Futures . 2017,第534期

机译：“ [据称对冲基金经理塔默尔（Tamer）穆蒙（Moumen）鼓励数十名客户，包括许多接近退休年龄的客户，清算他们的其他投资和退休账户，并与他一起投资。穆蒙（Moumen）并没有告诉投资者，他实际上没有管理对冲的经验。基金，在证券市场上有亏损的历史，并且依靠投资者的钱来维持自己的生活方式并支付个人开支。”
2. The dynamic relationship among the money market mutual funds, the commercial paper market, and the repo market [J] . Rizi Majid Haghani, Kishor N. Kundan, Marfatia Hardik A. The European journal of finance . 2019,第4a6期

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4. Money Market Fund Risk Measurement [C] . Xue Zeng International Conference on Education, Management and Computer Science . 2016

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5. Shifting Markets: Money Launderers Using Small to Mid-Sized Banks to Move Illicit Funds [D] . Shamansky, Cara 2019

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6. Nonlinear relationship between money market rate and stock market liquidity in China: A multifractal analysis [O] . Yihong Sun, Xuemei Yuan, J E. Trinidad Segovia, 2021

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7. Sturm und Drang in money market funds: when money market funds cease to be narrow [O] . Jank, Stephan, Wedow, Michael 2008

机译：货币市场基金中的sturm und Drang：货币市场基金不再狭窄

Sturm und Drang in money market funds: When money market funds cease to be narrow

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