The heft of non-bank financial intermediaries (NBFIs) has grown significantly after the Great
Financial Crisis. This paper reviews structural shifts in intermediation and how NBFIs have …

This paper reviews post-crisis financial regulatory reforms, examines how they fit together
and identifies open issues. Specifically, it takes stock of the salient new features of bank and …

How can fragility be averted in open-end mutual funds? In recent years, markets have
observed an innovation that changed the way open-end funds are priced. Alternative pricing …

Alongside other non-bank financial intermediaries, open-ended funds that invest in bonds ("
bond OEFs") have grown rapidly over the past two decades. Besides their size, their …

Can ETFs trigger fire sales in illiquid assets? We develop and empirically examine a model
where an authorized participant (AP) holds bond inventory and connects the ETF to the …

We develop a model of the feedback between mutual fund outflows and asset illiquidity.
Following a market shock, alert investors anticipate the impact on a fund's net asset value …

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 …

Open-end mutual funds offer investors same-day liquidity while holding assets that in some
cases take several days to sell. This liquidity transformation creates a potentially …

We study bond fund flows to provide new evidence for the link between mutual fund
leverage and financial fragility. Using novel data on mutual fund leverage, we find that …

We examine how corporate bond fund managers manipulate portfolio risk in response to
incentives. We find that liquidity risk concerns drive the allocation decisions of …