Cross-trading and Liquidity Management: Evidence from Municipal Bond Funds

dc.contributor.advisor	Wang, Z. Jay
dc.contributor.author	Yang, Jingyun
dc.date.accessioned	2018-09-06T21:58:37Z
dc.date.available	2018-09-06T21:58:37Z
dc.date.issued	2018-09-06
dc.description.abstract	The high flow-performance sensitivity in open-end municipal bond funds motivates fund managers to actively manage funding liquidity risk and reduce the costs of flow-driven transactions. Funds with volatile past flows build up liquidity buffers by holding more cash and liquid municipal bonds in their portfolios. Funds rely on cash and liquid securities in flow management. Unconventional liquidity management tools, such as cross-trading between funds in the same family, are used by municipal bond funds in extreme situations. Fund families coordinate cross-trades between open- and low-value closed-end funds only when open-end funds are in distress.	en_US
dc.identifier.uri	https://hdl.handle.net/1794/23771
dc.language.iso	en_US
dc.publisher	University of Oregon
dc.rights	All Rights Reserved.
dc.subject	cross-trading	en_US
dc.subject	liquidity management	en_US
dc.subject	open-end fund	en_US
dc.title	Cross-trading and Liquidity Management: Evidence from Municipal Bond Funds
dc.type	Electronic Thesis or Dissertation
thesis.degree.discipline	Department of Finance
thesis.degree.grantor	University of Oregon
thesis.degree.level	doctoral
thesis.degree.name	Ph.D.

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