Redemption in Kind and Mutual Fund Liquidity Management
研究发现，保留实物赎回权的开放式共同基金在业绩不佳后赎回更少，实物赎回通过交付流动性较差的股票等方式缓解基金挤兑，但赎回投资者需承担显著清算成本。
Abstract Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rights to redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for redemption in kind to mitigate fund runs, including the delivery of more illiquid stocks and stocks with greater tax overhang. Funds suffer less from the adverse impact of outflows on their performance. However, redeeming investors bear significant liquidation costs when they sell securities, costs associated with destabilization in the prices of these securities. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.