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Redemption in Kind and Mutual Fund Liquidity Management
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2022-10-19 , DOI: 10.1093/rfs/hhac080
Vikas Agarwal, Honglin Ren, Ke Shen, Haibei Zhao

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.

中文翻译:

实物赎回和互惠基金流动性管理

开放式共同基金可以使用实物赎回,通过交付证券而不是现金来满足投资者的赎回。我们发现保留实物赎回权的基金在表现不佳后的赎回率较低。来自实际实物交易的证据揭示了几种独特的实物赎回机制,以减轻资金挤兑,包括交付更多非流动性股票和税收积压更大的股票。资金外流对其业绩的不利影响较小。然而,赎回投资者在出售证券时承担了巨额清算成本,这些成本与这些证券价格的不稳定有关。
更新日期:2022-10-19
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