عنوان انگلیسی مقاله:
Investors’ behavior and mutual fund portfolio allocations in Brazil during the global financial crisis
ترجمه فارسی عنوان مقاله:
رفتار سرمایه گذاران و تخصیص اوراق بهادار صندوق سرمایه گذاری مشترک در برزیل در طول بحران مالی جهانی
Sciencedirect - Elsevier - Latin American Journal of Central Banking, 1 (2020) 100007: doi:10:1016/j:latcb:2020:100007
Fernando M. Linardi
In this paper, I examine the ﬂow and performance of mutual funds in Brazil and their portfolio al- locations during the global ﬁnancial crisis. First, I show that mutual funds exposed to deposits and securities issued by small banks suﬀered signiﬁcant outﬂows, due to the increased risk aversion following Lehman’s default in 2008. The returns of funds exposed to small banks were also neg- atively aﬀected. Funds adjusted their portfolios by reducing their exposures to deposits of small banks, but they increased risk taking when term deposit coverage limits were raised. The distress among small banks also generated negative spillover to the portfolio management business of banks, reducing their numbers of investors. The results illustrate the potential risks to ﬁnancial stability, to the extent that interconnections among funds and banks can induce the transmission of shocks across markets.
Keywords: Mutual fund flows | Financial crisis | Portfolio choice