Plausibly Exogenous [1597] - Fire Sales (06/17/2024)
LHS Variable
Peer funds’ performance and flows
RHS Variable
Fire sales induced by investor redemptions
Source of Exogenous Variation
Sharp changes in fund flows around the (un)assignment of Morningstar five-star ratings
- Falato, Hortacsu, Li, and Shin (2021), “Fire‐sale spillovers in debt markets”