Gold, platinum, and mutual fund flows
研究发现黄金与铂金价格比（GP）作为尾部风险指标，负向影响主动权益基金的资金流；高GP贝塔的基金因对冲经济困境而吸引更多资金，且该贝塔能预测未来业绩并降低下行风险。
Huang and Kilic (2019) demonstrate that gold to platinum price ratio (GP), which proxies for tail risk in the economy, is a priced risk factor in the cross-section of stock returns. We document that GP negatively affects the mutual fund flows of the active equity funds. In cross-sectional regressions, we find that funds with high betas with respect to the change in GP ( β Δ G P ) have larger future fund flows, as such funds provide a hedge against economic distress. Further, β Δ G P helps predict the future performance of the fund in the next few quarters. β Δ G P also relates negatively to the downside risk of the fund, implying that funds could potentially reduce their left-tail risk by tilting towards securities with above average β Δ G P . We also examine the flows to active corporate bond funds and passive funds. While these effects of GP are largely observable for passive funds, they are not as strongly observable for corporate bond funds.