Academic literature on the topic 'Money market funds'
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Journal articles on the topic "Money market funds"
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Kacperczyk, Marcin, and Philipp Schnabl. "How Safe Are Money Market Funds?*." Quarterly Journal of Economics 128, no. 3 (July 4, 2013): 1073–122. http://dx.doi.org/10.1093/qje/qjt010.
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Abstract We examine the risk-taking behavior of money market funds during the financial crisis of 2007–2010. We find that (1) money market funds experienced an unprecedented expansion in their risk-taking opportunities; (2) funds had strong incentives to take on risk because fund inflows were highly responsive to fund yields; (3) funds sponsored by financial intermediaries with more money fund business took on more risk; and (4) funds suffered runs as a result of their risk taking. This evidence suggests that money market funds lack safety because they have strong incentives to take on risk when the opportunity arises and are vulnerable to runs.
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Locke, Larry G., and Virginia R. Locke. "The SECs Attempted Use Of Money Market Mutual Fund Shadow Prices To Control Risk Taking By Money Market Mutual Funds." Journal of Business & Economics Research (JBER) 10, no. 6 (May 31, 2012): 345. http://dx.doi.org/10.19030/jber.v10i6.7025.
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One of the major advantages of money market mutual funds as a short term cash investment vehicle is that they are always purchased and sold for $1 per share. That constant $1 share price is maintained, despite the obvious fact that the funds holdings are frequently changing value, through a permissive SEC regulation that entitles money funds to value their portfolio securities at amortized cost rather than market value. At the same time, funds have always monitored their true market value in what is referred to as the funds shadow price, disclosed on a semi-annual basis. Starting in December, 2010, the SEC ordered money funds to publish their shadow prices monthly in hopes that investors would take notice and provide market discipline to money funds that failed to keep the funds market value sufficiently close to $1 per share. The expressed intention of the SEC was that investors would restrain money market fund managers from taking undue risks. This study analyzes whether the SECs strategy is working. By assessing the relationship between money market funds shadow prices and subsequent changes in net assets, the authors can look for evidence of whether the market is performing the function the SEC intends. The authors have examined monthly disclosures of shadow prices and asset changes for over 100 money market funds since the funds commenced reporting. Through a series of linear regression analyses, the authors have found no relevant correlation between money funds shadow prices and investor activity. The ramifications of this lack of correlation are potentially significant, particularly now as financial regulators are concerned that money fund holdings of European banks might transmit the current credit deterioration in Greece to U.S. markets. The SEC and other financial regulators are counting on disclosure of shadow prices as a tool to avoid the kind of risk taking that ultimately contributed to the credit market freeze experienced in 2008. If that tool is, in fact, not working, the SEC may be obliged to attempt alternative strategies. The authors discuss the policy implications of their findings.
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Martia, Dina Yeni, Muhammad Rois, Muliasari, Latifah Risqiana, and Noverdi Radja Dwilega. "Conventional Versus Sharia Money Market Mutual Funds: Which Performs Better During the Covid-19 Pandemic?" Journal of Management Theory and Practice (JMTP) 2, no. 3 (November 13, 2021): 35–40. http://dx.doi.org/10.37231/jmtp.2020.2.3.174.
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This study aims to determine whether conventional money market mutual funds perform better than sharia money market mutual funds or vice versa during the COVID-19 pandemic in Indonesia. This research method is descriptive with a quantitative comparison approach. This study employed secondary data obtained from IDX, Indonesian Bank, and Pasar Dana website. The research employed the money market mutual funds data, Net Asset Value, BI 7 Days Repo rate during year 2020. Sharpe ratio utilized in this research to determine the money market mutual funds performance. Then, the result compared by using Independent sample T-test on SPSS. The result uncovers that in general the performance of conventional money market mutual funds performance superior the sharia money market mutual funds performance during covid-19 in Indonesia. However, both mutual funds average Sharpe ratio show the negative number during 2020. Moreover, there are no significant difference between conventional and sharia money market mutual funds returns during the period 2020. The high different return on the maximum return due to some conventional mutual fund perform exceptional during 2020.
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Firli, Anisah, Risris Rismayani, and Dinna Miftahul Jannah. "Analysis of the influence of asset allocation policy, investment manager performance, and risk level on the performance of Sharia money market mutual funds in Indonesia." F1000Research 11 (July 11, 2022): 768. http://dx.doi.org/10.12688/f1000research.109708.1.
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Background: Islamic money market mutual funds have become an alternative to conventional investment instruments. This research has novelty in determining the variables of mutual fund performance by combining risk and return factors, asset allocation policy variables, and investment manager performance, which have a high impact on the return and risk level in reducing the risk of loss on investment. In addition, this research was conducted on the performance of Islamic money market mutual funds that have not been studied before. Methods: This research uses data on Islamic money market mutual funds registered with the Financial Services Authority in Indonesia. The performance of Islamic money market mutual funds was calculated using the Sharpe Method and tested using multiple regression analysis. Results: The results showed that the asset allocation policy, investment manager performance, and the level of risk simultaneously have a significant effect on the performance of Islamic money market mutual funds in Indonesia; however, partially, there is no significant effect between (1) the asset allocation policy on the performance of Islamic money market mutual funds in Indonesia: (2) investment manager performance on the performance of Islamic money market mutual funds in Indonesia, and (3) the level of risk on the performance of Islamic money market mutual funds in Indonesia. Conclusions: The results indicated that optimization of returns and risks was needed by considering the composition of asset allocation, choosing the right investment manager, and conducting a good risk level analysis to obtain optimal Islamic money market mutual fund performance.
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David Ferdinan, Hutagalung, Eko A. Widyanto, and Burhanuddin Burhanuddin. "Pengukuran Reksadana Menggunakan Sharpe dan Treynor Model Jenis Pasar Uang, Pendapatan Tetap dan Saham." Jurnal Indonesia Sosial Sains 3, no. 4 (April 21, 2022): 562–77. http://dx.doi.org/10.36418/jiss.v3i4.567.
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The Purpose of this research determine the results of measuring the performance of each type of mutual funds, namely the type of Money Market, Fixed Income and stocks in 2016 - 2020, if using the Sharpe method and the Treynor method and finding the type of Mutual fund with the best performance from these measurements. Sampling technique in this study using purposive sampling technique, totaling 30 samples of mutual funds. The analytical tool used in performance measurement is Microsoft Excel. The result of this performance measurement is the performance measurement of money market mutual funds, resulting in the Sucorinvest Money Market fund with the best performance based on Sharpe and Treynor methods. Fixed income mutual funds with Danamas Stabil that have the best performance based on Sharpe measurements and from stock funds, there are 2 Mutual funds, namely Sucorinvest Equity Fund and Sucorinvest Maxi Fund. The results of these measurements are Danamas Stabil from fixed income mutual funds are able to have the best performance of the 3 types of mutual funds based on Sharpe measurement, while based on the Treynor method, produce money market funds that have the best performance.
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David Ferdinan, Hutagalung, Eko A. Widyanto, and Burhanuddin Burhanuddin. "Pengukuran Reksadana Menggunakan Sharpe dan Treynor Model Jenis Pasar Uang, Pendapatan Tetap dan Saham." Jurnal Indonesia Sosial Sains 3, no. 4 (April 21, 2022): 562–77. http://dx.doi.org/10.36418/jiss.v3i4.567.
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The Purpose of this research determine the results of measuring the performance of each type of mutual funds, namely the type of Money Market, Fixed Income and stocks in 2016 - 2020, if using the Sharpe method and the Treynor method and finding the type of Mutual fund with the best performance from these measurements. Sampling technique in this study using purposive sampling technique, totaling 30 samples of mutual funds. The analytical tool used in performance measurement is Microsoft Excel. The result of this performance measurement is the performance measurement of money market mutual funds, resulting in the Sucorinvest Money Market fund with the best performance based on Sharpe and Treynor methods. Fixed income mutual funds with Danamas Stabil that have the best performance based on Sharpe measurements and from stock funds, there are 2 Mutual funds, namely Sucorinvest Equity Fund and Sucorinvest Maxi Fund. The results of these measurements are Danamas Stabil from fixed income mutual funds are able to have the best performance of the 3 types of mutual funds based on Sharpe measurement, while based on the Treynor method, produce money market funds that have the best performance.
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Tianyi, Ren, and Tajul Ariffin Masron. "A Case Study of Interbank Deposit Fund Market: Sustainable Emerging Markets in China." Malaysian Journal of Social Sciences and Humanities (MJSSH) 7, no. 7 (July 29, 2022): e001712. http://dx.doi.org/10.47405/mjssh.v7i7.1712.
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The first batch of interbank deposit funds was issued in China on December 3, 2021, and three batches of interbank deposit funds were issued in China as of May 2022, totaling 17 funds. As an emerging market, the interbank deposit fund market is a gap area of academic research. This paper analyzes the background of the development of the interbank deposit fund market in China, summarizes the current development of interbank deposit funds based on relevant data, introduces the specific profit model of interbank deposit funds, and explains their main advantages over short-dated bond funds and money funds. At the same time, this paper also discusses the main constraints faced by interbank depository funds, proposes corresponding solutions, and looks into the future development direction of China's interbank depository fund market. The above research plays a role in the sustainable development of the interbank depository fund market.
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Lewis, Craig M. "Money Market Funds and Regulation." Annual Review of Financial Economics 8, no. 1 (October 23, 2016): 25–51. http://dx.doi.org/10.1146/annurev-financial-121415-032823.
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Kordy, Kariman, Aliaa Bassiouny, and Eskandar Tooma. "Valuation discrepancies in money market funds during market disruptions: evidence from Egypt." Investment Management and Financial Innovations 17, no. 3 (September 8, 2020): 97–110. http://dx.doi.org/10.21511/imfi.17(3).2020.08.
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Money market funds (MMFs) are generally considered safe investment vehicles, but the 2008 global financial crisis showed their vulnerability during market disruptions resulting in increased regulatory oversight across developed markets to protect investors. This paper examines the effect of MMF accounting regulation on investors in an emerging market context. It hypothesizes that the continued use of amortized cost methods to account for MMFs’ Net Asset Value (NAV) during market disruptions can result in unfair treatment of investors. The Egyptian money market provided a unique laboratory to test this hypothesis over a prominent economic crisis that combined high levels of interest rate volatility with a redemption-only structure for MMFs. A model that measures the discrepancies between the amortized and floating market NAVs per certificate for various money market portfolios (MMPs) simulating MMFs of different durations is tested using the Egyptian data. A sharp rise in interest rates is found to lead to significant discrepancies between the amortized NAV per certificate relative to their floating value. Serial investor redemptions of the certificates compound the discrepancies, but only certificate holders remaining in the funds bear the accumulated losses, which are augmented for portfolios with higher durations. The results suggest that emerging market regulators consider introducing the rules that switch to floating NAV calculations for MMFs during such periods to promote equality across all investors.
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Totgi, Suchita B. "Significant Insights, Value Orientation and Differences Between the Mutual Fund Investment Flow and Indian Stock Market Returns – A Theoretical Assimilation." International Journal of Research Publication and Reviews 03, no. 12 (2022): 2352–56. http://dx.doi.org/10.55248/gengpi.2022.31274.
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Researchers and academicians from all over the world have become interested in the study of the causal relationship between mutual fund investment flow and stock market returns in recent years. But there is currently a contradictory body of empirical data on this matter. Additionally, there are a few studies that take the case of India into account. In order to better understand the dynamics of the relationship between mutual fund investment flow and stock market returns in India from January 2000 to May 2010, the following article will do just that. The Granger causality tests are applied using the Toda and Yamamoto approach, which yields evidence of a one-way causal relationship between stock market returns and mutual fund investment flow. This suggests that the expansion of stock market activity in India draws mutual funds to the stock market. Therefore, the government and monetary authorities should take the necessary actions to reduce the volatility and increase the efficiency of the capital market. By gathering money from households and investing it in the stock and debt markets, mutual funds enable portfolio diversification and relative risk aversion. In India, a specific type of mutual fund called fixed-income funds invests in debt securities that have been issued by businesses, banks, or the government. In India, fixed-income funds are also referred to as debt funds and income funds. The goal of the current study is to assess the performance of a few selected debt or income mutual fund schemes in India based on their daily NAV using various statistical measures. In the past ten years, income schemes have become more and more popular. The securities that were purchased are referred to as the fund's portfolio. There may have been restrictions on rival products, which led to the emergence of money market and (short-term) bond funds. In this study, the performance of several mutual fund types in India was compared and studied. The results showed that equities funds outperformed income funds. The study also found that institutional fund managers can time their investments and that equity fund managers have significant market timing ability, but broker operated funds did not demonstrate this ability. Additionally, empirical research has shown that fund managers possess significant timing ability and can time their investments to match market conditions.
Dissertations / Theses on the topic "Money market funds"
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Neubert, Timothy Miles James A. "Money market funds vs. ultra-short bond funds." [University Park, Pa.] : Pennsylvania State University, 2009. http://honors.libraries.psu.edu/theses/approved/WorldWideIndex/EHT-35/index.html.
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Gallagher, Emily A. "Money market funds, shareholder behavior, and financial stability." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010028.
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Fonds du marché monétaire, comportement des actionnaires et stabilité financièreIn the five business days following the default of Lehman Brothers in September 2008, U.S. prime money market funds (MMFs) experienced outflows totaling over 300 billion of dollars, representing 15% of their total assets. In order to generate cash to service outflows, some MMFs sold assets and stopped rolling their investments. Many have argued that these outflows exacerbated the financial crisis by contributing to a freezing of commercial paper markets. In 2010, in an effort to improve the resiliency of MMFs to withstand severe market stresses, the Securities and Exchange Commission (SEC) adopted a number of substantial reforms. Since 2010, many regulators have called for further reforms of MMFs, citing the eurozone crisis of 2011 as evidence that MMFs remain a financial stability concern. Over June, July and August 2011, MMFs experienced outflows of 162 billion of dollars, representing 10% of their total assets. Some contend that the size and timing of these outflows indicate that MMF investors continue to react to, and perhaps exacerbate, stresses in the financial markets. According to this view, yield sensitive investors incent MMFs to take risk through foreign bank investments and then cut and run once those risks escalate, resulting in a sudden loss of funding available to credit-worthy U.S. firms. Using the eurozone crisis of 2011 as an acid test, this thesis evaluates the validity of this narrative and, more broadly, the stability of U.S. MMFs after the 2008 financial crisis and resulting reforms. (...)
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Ganguli, Alakananda. "Globalization of financial markets and the demand for international reserves : the case of the industrialized countries." Thesis, McGill University, 1994. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=28447.
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The purpose of this thesis is to explain theoretically and empirically the demand for international reserves by the major industrialized countries in the context of the present highly integrated and extremely volatile international financial system. The reserves demand behaviour of each of the G7 countries along with seven non-G7 industrialized countries have been empirically examined. The demand functions are estimated using the cointegration approach on autoregressive distributed lag and simple distributed lag models.This study has revealed that a country's reserve demand is significantly influenced by its level of capital flows in addition to the traditionally used trade flow variables. It is shown that the greater the external vulnerability of an economy as measured by its net capital flows in relation to its GNP, the higher is its demand for international reserves. The results have striking similarity for all the 14 industrialized countries despite their structural and institutional differences.
This study points to the need of international monetary policy coordination to reduce large fluctuations in exchange rates and lessen massive flows of speculative capital which carry a potential threat of becoming inflationary.
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Chandrasekaran, Abhijit. "Impact of money market funds on commercial paper markets in United States and South Korea." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/72874.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2012.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 32-34).
The focus of this study is on Commercial Paper markets which are used by financial and non financial firms to manage working capital and maturity transformation. We explore how the primary investors in CP in the US, the Money Market Mutual Funds (MMMFs) have influenced the markets. We see how CP usage has changed post the advent of MMMFs and how they have grown with growth in MMMFs assets. We also try to understand what made MMMFs in the US successful and what has led to their tremendous growth. We then move on to study South Korean CP markets and try to see if there are similar characteristics emerging in the markets with the establishment of short term money funds. South Korea gives a window into Asia to judge if it would be prudent for Asian countries to adapt from the US market structure to spur the CP markets locally. With the tremendous growth taking place in emerging Asia, the requirement for short term capital markets is growing and hence the importance of adapting from successful markets. We do see from the study that post MMMFs establishment there is a greater use of CP among business in both economies. There is also a greater holding of CP as assets by firms in the economy. MMMFs tend to hold large volumes of CP and may have led to greater CP market access for firms. Liquidity, yield and safety come out as the vital characteristics which make MMMFs a preferred investment conduit for money market instruments.
by Abhijit Chandrasekaran.
S.M.
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Agapova, Anna. "Cross-Sectional Differences between Topic 1: Money Market Mutual Funds and their Role in the Mutual Fund Families. Topic 2: Innovations in Financial Products. Conventional Mutual Funds versus Exchange Traded Funds." Digital Archive @ GSU, 2007. http://digitalarchive.gsu.edu/finance_diss/10.
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The first essay examines cross-sectional differences between money market mutual funds (MMMFs), in the context of the sponsoring fund family. While extant studies have shown that fund family characteristics impact the management of open-end equity mutual funds, results of this study’s analysis find that fund family characteristics also affect the management of MMMF assets, contributing to differences in the maturity of the fund’s holdings, expenses, and realized returns. I find that an MMMF is not simply a transitional account with a short-term low-risk investment objective, but rather, a critical role player within the fund family. Differences in maturity, yield, and expenses in MMMFs can be explained by family-specific characteristics, including diversification and cash management strategies at the family level. The second essay examines implications of substitutability of two similar financial assets: conventional index mutual funds and exchange traded funds (ETFs). I seek to explain the coexistence of these fund types, since both offer a claim on the same underlying index return process, but have different organizational structures. This study compares conventional open-end index funds with matched ETFs on various underlying indexes. Aggregate flows are used to detect substitution and clientele effects. I show that conventional funds and ETFs are substitutes, while ETFs have smaller tracking errors and lower fund expenses. However, I find that these fund types are not perfect substitutes, and their coexistence can be explained by a clientele effect that segregates them into different market niches.
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Baklanova, Viktoria. "Money market funds in the US and the EU : a legal and comparative analysis." Thesis, University of Westminster, 2012. https://westminsterresearch.westminster.ac.uk/item/8z40w/money-market-funds-in-the-us-and-the-eu-a-legal-and-comparative-analysis.
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The failure of the Reserve Primary Fund, a US money market fund, in September 2008 triggered a widespread withdrawal of assets from other money market funds in the US. The withdrawals led the US Government to adopt emergency measures to maintain market stability. The ability of money market funds to rapidly withdraw funding from the financial system also showed during the European sovereign debt crisis in the summer of 2011. The crisis prompted further regulatory debate on both sides of the Atlantic on how to make money market funds more resilient to investors’ runs and systemic shocks. The solutions that are currently discussed propose to eliminate the essential bank-like feature of money market funds – their ability to transact at a stable share price – and thereby reduce their attractiveness to investors seeking cash management options outside the banking system. This thesis detaches from those discussions originally enquiring on how should money market funds be regulated in the US and in the EU. As a theoretical premise, this research identifies two overarching goals for money market funds regulation, namely, investor protection and systemic stability. The prevalent proposals for regulation are thus seen as misguided because the change in money market funds pricing mechanisms and the accounting convention would demonstrably not satisfy these goals. In order to formulate the new propositions for the regulation of money market funds in the US and the EU, therefore, this thesis first critically evaluates the existing US and EU regulatory frameworks applicable to money market funds from the standpoint of the dual policy goal of investor protection and systemic stability. Secondly, it introduces an alternative path for achieving this dual goal. It is argued that the blueprint of the international money market fund regulation ought to focus on full disclosure of the funds’ assets and liabilities – portfolio holdings and fund investors – as the primary measure of investor protection. Such disclosure also addresses systemic stability concerns by empowering regulators to properly monitor the transmission channels of funding risk. While my study does not purport to do away with risk limiting rules for money market funds, it cautions against copying the US-centric view of the investment standards to the much shallower European markets under the banners of harmonisation. Instead, this thesis advocates a harmonised international approach to the transparency of money market fund activities and the creation of a global database of market 5 exposures that would subject asset managers to public scrutiny and enable regulators to monitor the major risk transmitting channels. By these means the dual regulatory goal in money market fund regulation – investor protection and systemic stability – shall be upheld.
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SANT'ANNA, Ot??vio Ulisses de Araujo. "An??lise de desempenho dos fundos de investimento multimercados ap??s a Crise do subprime." FECAP, 2014. http://tede.fecap.br:8080/jspui/handle/jspui/762.
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This study analyzes the performance of the Brazilian hedge fund investment after Subprime Crisis. Evaluates if the different management strategies hedge funds manage to overcome the benchmark, considering the new classification established by ANBIMA in May 2009. The categories were classified as Long & Short Directional Long & Short Neutral, Multigestor Macro, Multiestrat??gia, Interest and Currencies, Trading, Strategy specifies, Balanced and Protected Capital, in order to adapt in a better way the different strategies and risk profile of each hedge fund the profiles of investors. It was considered in the study only non exclusive hedge funds that had quotas from May 2009 to December 2013. The funds performance was analyzed using indicators such as the average return, volatility, Sharpe ratio and Jensen???s Alpha, in order to assess whether hedge funds are able to get a significant risk adjusted return compared to the CDI rate. Moreover, hypothesis tests were applied to verify if the average return of hedge funds is equivalent to CDI. Data analysis found evidence that only certain categories of hedge funds outperformed the benchmark during the period analyzed, such as Long & Short Directional Long & Short Neutral, Multigestor, macro, multi-strategy and Interest and Currency categories. The return was higher than CDI with acceptable volatility, presenting Sharpe Ratios and Jensen's Alpha positive, further were efficient in overcoming the CDI in relation to the risk assumed in each of their respective management strategies. Concerning to hypothesis testing, it was not rejected the hypothesis that the average returns of hedge funds are statistically equal to the CDI. Only Capital Protected category got a statistically different mean return of CDI in the analyzed period. This study is usefull as a tool for market analysis and reflection on the management strategies of hedge funds and as an investment guide for the general public, helping to identify the best strategies for active management, as well as hedge funds with better performance.
Este estudo analisa o desempenho dos fundos de investimento multimercados brasileiros ap??s a crise do mercado imobili??rio americano, conhecida como a Crise do Subprime. Avaliase as diferentes estrat??gias de gest??ode fundos multimercado conseguem superar o benchmark, considerando a nova classifica????o institu??da pela ANBIMA em Maio de 2009. As dez categorias foram classificadas como Long & Short Direcional, Long & Short Neutro, Multigestor, Macro, Multiestrategia, Juros e Moedas, Trading, Estrat??gia Especifica, Balanceados e Capital Protegido, visando adequar de uma melhor forma as diferentes estrat??gias e o perfil de risco de cada fundo multimercado aos perfis dos investidores. Considerou-se na amostra do estudo apenas os fundos multimercados n??o exclusivos que apresentaram cotas de Maio de 2009 a Dezembro de 2013. O desempenho dos fundos foi analisado utilizando indicadores, como o retorno m??dio, a volatilidade, o ??ndice de Sharpe e o Alfa de Jensen, deforma a avaliar se os fundos mulimercados conseguem obter um retorno ajustado ao risco significante, em compara????o com a taxa do CDI. Al??m disso, foram aplicados testes de hip??tese, para verificar em que medida a m??dia de retorno dos fundos multimercados se equivale ao CDI.A an??lise de dados encontrou evid??ncias de que apenas algumas categorias de fundos multimercados superaram o benchmark no per??odo analisado, tais como as categorias Long & Short Direcional, Long & Short Neutro, Multigestor, Macro, Multiestrategia e Juros e Moedas. Obtiveram um retorno acima do CDI com volatilidade aceit??vel, apresentando ??ndices de Sharpe e Alfa de Jensen positivos, ou seja, foram eficientes na supera????o do CDI em rela????o ao risco assumido em cada uma das suas respectivas estrat??gias de gest??o. Em rela????o aos testes de hip??tese, n??o foi poss??vel rejeitar a hip??tese de que a m??dia dos retornos dos fundos multimercados s??o estatisticamente iguais ao CDI. Apenas a categoria Capital Protegido apresentou m??dia de retorno estatisticamente diferente do CDI no per??odo analisado. Este trabalho serve ao mercado como uma ferramenta de an??lise e reflex??o sobre as estrat??gias de gest??o de fundos multimercados e como um guia de investimentos para o p??blico em geral, contribuindo para identificaras melhores estrat??gias de gest??o ativa, bem como os fundos multimercados com melhor desempenho.
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Hojat, Simin. "The Impact of Monetary Policy On the Stock Market." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/1603.
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Prior studies examining the impact of monetary policy instruments on the equity market have produced mixed results. This problem is important to address because of the substantial impact of monetary policy on the economy and economic resource allocation via the equity market. The purpose of this study was to determine the impact of change in money supply (M2), change in Federal Funds Rate (FFR), and change in Federal Funds Futures (FFF) on the expected rate of returns of publicly traded companies while controlling for the rate of return of the whole equity market and size of the sampled companies. The capital asset pricing model formed the theoretical foundation. The research questions addressed the significance of the monetary policy instruments M2, FFR, and FFF on the expected rate of returns of publicly traded companies. The research design was ex post facto. To answer the research questions, annual data were collected for the period of January 2005 through January 2015 for the rate of return on the overall equity market, rate of return on stocks of 90 publicly traded companies, size of the sample companies, M2, FFR, and FFF. A multiple regression showed a positive effect of market rate of return and company size, a positive moderation effect of M2, and a negative moderation and mediation effect of FFR and FFF on the expected rate of returns of publicly traded companies (p < .05). These findings could have positive social change implications in that they may help individual and institutional investors in their investment decision making, leading to better allocation of economic resources. The findings may also assist monetary policy authorities in assessing the impact of monetary policy on the equity market and thus preempting stock market crashes.
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Jones, Garett. "Measuring the liquidity effect with daily data /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2000. http://wwwlib.umi.com/cr/ucsd/fullcit?p3023450.
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Koether, Philipp. "On the basis of F.A.v. Hayek's idea of a free market monetary system and his publication "Denationalisation of money : an analysis of the theory and practice of concurrent currencies" (1976) about currency competition on financial markets in the times of electronic commerce and the introduction of "e-money" /." Click to view the E-thesis via HKUTO, 2001. http://sunzi.lib.hku.hk/hkuto/record/B31972810.
Full textBooks on the topic "Money market funds"
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C, Kaufman Phyllis, ed. Understanding money market funds. Stamford, Conn: Longmeadow Press, 1987.
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The 100 best mutual funds you can buy: Includes money market funds. Holbrook, Mass: Adams Pub., 1996.
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Bartolini, Leonardo. Money market integration. [Washington, D.C.]: International Monetary Fund, Research Dept., 2006.
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Pelzl, Wolfgang. Beurteilung von Geldmarktfonds. Frankfurt am Main: F. Knapp, 1989.
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Katz, Jeffrey H. Investing in money market securities. Chicago, Ill: Probus Pub., 1991.
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Yŏnʼguwŏn, Hanʼguk Chŭngkwŏn. Big bang in capital market. Gyenggi-do, Paju-si: Jimoondang, 2008.
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Fu zong cai jiao ni mai ji jin. Taibei Shi: Wen jing chu ban she you xian gong si, 2007.
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Zao an cai jing. Bian ji shi., ed. Chao hao zhuan jing wai ji jin xin shou zi xue. 2nd ed. Taibei Shi: Zao an cai jing wen hua you xian gong si, 2007.
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Zhongguo ji jin de fang xiang: 2002 nian Zhongguo ji jin lun tan qian yan bao gao. Beijing Shi: Qi ye guan li chu ban she, 2003.
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Kaartinen, Elina. Rahoitusmarkkinoiden muutoksen vaikutus yritysten investointikannustimiin. Helsinki: [Helsingin Kauppakorkeakoulu], 1987.
Find full textBook chapters on the topic "Money market funds"
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Nijs, Luc. "Money Market Funds Reform." In The Handbook of Global Shadow Banking, Volume I, 447–98. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-34743-7_10.
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Baumol, William J., Stephen M. Goldfeld, Lilli A. Gordon, and Michael F. Koehn. "The Demand for Money Market Mutual Funds." In The Economics of Mutual Fund Markets: Competition Versus Regulation, 139–64. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-009-2185-6_7.
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Thomas, D. Gareth, and David S. Bywaters. "Modern Portfolio Theory Applied to the Loanable Funds Market." In The Creators of Inside Money, 141–63. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-70366-0_9.
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Kacperczyk, Marcin, and Philipp Schnabl. "Money Market Funds: How to Avoid Breaking the Buck." In Regulating Wall Street, 303–18. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118258231.ch10.
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Keen, Stephen A., and Leslie K. Ross. "Rule 2a-7: Legal and Research Issues for Tax-Exempt Money Market Funds." In The Handbook of Municipal Bonds, 459–99. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119198093.ch26.
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Cleodora, C. "Performance analysis of money market, mixed, and equity mutual funds during Covid-19 outbreak." In Sustainable Future: Trends, Strategies and Development, 260–62. London: Routledge, 2022. http://dx.doi.org/10.1201/9781003335832-65.
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Watkins, James Simon. "Future of Faith-Based Funds." In Religion and the Global Money Markets, 445–55. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-04416-8_17.
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Watkins, James Simon. "Christian Investment Funds: A Tale of Two Cities." In Religion and the Global Money Markets, 159–235. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-04416-8_7.
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Yin, Jianfeng, Jianwei Wu, and Zengwu Wang. "Analysis of Fund Flow and Mechanism in Trust Market." In Whither has the Money Gone, 51–72. Singapore: Springer Singapore, 2021. http://dx.doi.org/10.1007/978-981-16-4931-8_3.
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Birdthistle, William A. "Money Market Funds." In Empire of the Fund, 190–202. Oxford University Press, 2016. http://dx.doi.org/10.1093/acprof:oso/9780199398560.003.0014.
Full textConference papers on the topic "Money market funds"
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Olawande, Ayotunde. "Money Market Indicators, Pension Funds and Real Estate Finance in Nigeria." In 13th African Real Estate Society Conference. African Real Estate Society, 2013. http://dx.doi.org/10.15396/afres2013_100.
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Sekulić, Momčilo, Ana Matović, and Djorde Milošević. "Money Laundering and Virtual Financial Resources." In Values, Competencies and Changes in Organizations. University of Maribor Press, 2021. http://dx.doi.org/10.18690/978-961-286-442-2.65.
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Money laundering is a complex phenomenon that represents the direct impact of organized criminal groups on legal financial flows. As a particularly dangerous dimension of illegal activities, the author emphasizes the possibility of masking them through the investment of illegally acquired funds in legal public or private affairs. The author analyzes the structure of this illegal activity, showing its adaptation to modern communication conditions, which is why he notices the importance of evolving this illegal phenomenon in the online environment. The predominant part of this paper is dedicated to the introduction of numerous ways of placing criminal profit in the regular monetary market through the information and communication benefits of the Internet. In his research, the author does not stay within the framework of the visible part of the web. His special attention is focused on the high-tech circumstances and communication capacities of the dark web, in order to emphasize the inexhaustible possibilities of hiding, "laundering" and further placing "laundered" money that originates from criminal activities.
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Topaloğlu, Mustafa. "An Evaluation of Turkish Mortgage System from the Perspective of Global Economic Crisis." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00359.
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Turkish mortgage system was established by the law number 5582 and the title of "The Law Amending the Laws Related to Housing Finance System" in 2007. Even though the entry into force of this act expressed as "Pay the rent as the landlord-performing”, no bring up short of the interest rates of a housing loan were observed. In fact, Mortgage application could not be branch out yet. The distinguishing feature of the mortgage system, mortgage collateral pools of consumer loans with guaranteed by mortgage backed securities to be issued, sold in the capital market, also called the mortgage money is the safeguard of cheap funds. Using this fund for financing provided by banks as a result of re-housing resource for the consumer to pay the cost of housing loan interest rate is relatively go into a decline.
Meanwhile, after the abundance of finance in the world, the so-called subprime mortgage, loans to non-qualified borrower, triggered the world economic crisis occurred. May well be, Turkey was unimpressed the crisis because of the not being set secondary mortgage market. All the public in charge of economy has introduced prevention of packages of measures.
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Zeng, Xue. "Money Market Fund Risk Measurement." In 2016 International Conference on Education, Management and Computer Science. Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/icemc-16.2016.230.
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Pang, Liyan, Shuopeng Wang, and Jiaxin Zhang. "Design of fund rating system in money market." In 2013 6th International Conference on Information Management, Innovation Management and Industrial Engineering (ICIII). IEEE, 2013. http://dx.doi.org/10.1109/iciii.2013.6703012.
Full textReports on the topic "Money market funds"
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Kacperczyk, Marcin, and Philipp Schnabl. Implicit Guarantees and Risk Taking: Evidence from Money Market Funds. Cambridge, MA: National Bureau of Economic Research, August 2011. http://dx.doi.org/10.3386/w17321.
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.
Full textAbstract:
Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
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Payment Systems Report - June of 2020. Banco de la República de Colombia, February 2021. http://dx.doi.org/10.32468/rept-sist-pag.eng.2020.
Full textAbstract:
With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor