The Role of Equity Funds in the Financial Crisis Propagation

• Main Authors: CHUA, Choong Tze, Hau, Harald, LAI, Sandy
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2011
• 主題: Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/3071; https://ssrn.com/abstract=1742065

The early stage of the recent financial crisis was marked by large value losses for bank stocks. This paper identifies the equity funds most affected by this valuation shock and examines its consequences for the non-financial stocks owned by the same funds. We find that (i) ownership links to “distr...