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SUMMARY:What are the Actual Effects of Cash Holdings? Evidence from the Mu
 tual Fund Industry
DTSTART:20170616T103000
DTEND:20170616T120000
DTSTAMP:20260917T084021Z
UID:271c6e13f477d72c4155b908ccb522ce8a5cf6638d98ba91b20673d6
CATEGORIES:Conferences - Seminars
DESCRIPTION:Vikas AGARWAL (Georgia State University)\nWe uncover the unint
 ended consequences of cash holdings in the form of adverse selection that 
 can negatively affect the liquidity of the stocks held by funds with more 
 cash. Facing investor redemptions\, sales by these funds are more likely t
 o be perceived as information based (i.e.\, due to poor asset quality) ins
 tead of funding liquidity needs\, which exacerbates the adverse selection 
 problem. An exogenous change to the information environment and placebo te
 st using index funds help identify the adverse selection channel behind th
 e relation between cash holdings and stock liquidity. We account for funds
 ’ choice of cash to provide a causal interpretation of this relation.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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