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 …

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 …

We review the literature on the impact of the COVID-19 pandemic on financial markets. We
first document several key facts about equity and fixed-income markets during this period …

Open-end corporate bond mutual funds invest in illiquid assets while providing liquid claims
to shareholders. Does such liquidity transformation introduce fragility to the corporate bond …

Liquidity restrictions on investors, like the redemption gates and liquidity fees introduced in
the 2016 money market fund (MMF) reform, are meant to improve financial stability …

Exchange-traded funds (ETFs) are among the most important financial intermediaries. Their
assets under management have grown quickly since their first appearance in 1993 …

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 …

We analyze the run risk of USD-backed stablecoins. Stablecoin issuers aim to keep the
stablecoin price at $1 by holding a portfolio of US dollar assets like bank deposits …

Mutual funds' maximum drawdowns (MDDs) are persistent, indicative of manager skill, and
predictive of subsequent performance. Among funds with relatively strong past performance …

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 …