Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision
通过统一理论框架和实证分析，发现发行可赎回股权的共同基金也能提供显著的经济流动性，其中债券基金每美元提供的流动性是银行的12.5%，并指出摆动定价不一定会减少流动性提供。
Abstract Liquidity provision is often attributed to debt-issuing intermediaries like banks. We develop a unified theoretical framework and empirically show that mutual funds issuing demandable equity also provide an economically significant amount of liquidity by insuring against idiosyncratic liq uidity shocks. Quantitatively, bond funds provide 12.5% of the liquidity that banks provide per dollar. Our model further shows that when equity values incorporate the liquidation cost from re demptions, as in swing pricing, liquidity provision is not necessarily reduced. This is because swing pricing may increase funds’ capacity for holding illiquid assets without inducing panic runs.