Using daily microdata, we document major outflows in corporate-bond funds during the
COVID-19 crisis. Large outflows were sustained over weeks and most severe for funds with …

In March 2020, banks faced the largest increase in liquidity demands ever observed. Firms
drew funds on a massive scale from preexisting credit lines in anticipation of cash flow and …

Investor concerns about climate and other environmental regulatory risks suggest that these
risks should affect corporate bond risk assessment and pricing. We test this hypothesis and …

We present a comprehensive analysis of the performance and flows of US actively managed
equity mutual funds during the 2020 COVID-19 crisis. We find that most active funds …

We identify fixed-income mutual funds as an important contributor to the unusually high
selling pressure in liquid asset markets during the COVID-19 crisis. We show that mutual …

We document extreme disruption in debt markets during the COVID-19 crisis: a severe price
crash accompanied by significant dislocations at the safer end of the credit spectrum …

The global financial system showed remarkable resilience during the COVID-19 pandemic,
despite a sharp decline in economic activity and the initial financial market upheaval in …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe
stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status …

This article studies the impact of retail investors on stock liquidity during the COVID-19
pandemic lockdown in spring 2020. Retail trading exhibits a sharp increase, especially …