Connected Funds
研究了共同基金投资其他基金的经济动机及其对金融稳定的影响，利用德国基金业数据发现交叉投资日益重要、在2020年3月被大量赎回并产生可测的传染效应。
Abstract Mutual funds often invest in other funds. In this paper, we analyze the economics behind such cross-fund investments and investigate their financial stability implications. Using granular data for the German fund sector, our main findings are that cross-fund investments (a) are becoming increasingly important over time, (b) were heavily liquidated during March 2020, and (c) display measurable contagion effects. Overall, cross-fund investments can elevate structural fund sector vulnerabilities. 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.