Recovery from fast crashes: Role of mutual funds
基于印度国家证券交易所一只大盘股的数据，研究发现共同基金在正常时期交易活动仅占4%，但在两次日内崩盘中，价格仅在共同基金介入后才恢复，表明其作为流动性提供者对市场稳定的关键作用。
We study the role mutual funds play in the recovery from fast intraday crashes based on data from the National Stock Exchange of India for a single large stock. During normal times, trading activity and liquidity provision by mutual funds is negligible compared to other traders at around 4% of overall activity. Nevertheless, for the two intraday market-wide crashes in our sample, price recovery took place only after mutual funds moved in. Market stability may require the presence of well-capitalized standby liquidity providers for recovery from fast crashes.