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Author Çötelioğlu, E.; Franzoni, F.; Plazzi, A. url  openurl
  Title What Constrains Liquidity Provision? Evidence from Institutional Trades* Type Journal Article
  Year 2020 Publication Review of Finance Abbreviated Journal Rev Financ  
  Volume Issue Pages  
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  Abstract The article studies liquidity provision by institutional investors using trade-level data. We find that hedge fund trades are a more important predictor of stock-level liquidity than mutual fund trades. However, hedge funds’ liquidity provision is more exposed to financial conditions than that of mutual funds. Hedge funds that are more constrained in terms of leverage, age, asset illiquidity, and past performance exhibit a stronger shift toward liquidity consumption when funding condition tighten. Stocks with more exposure to constrained liquidity providing hedge funds suffered more during the financial crisis.  
  Address  
  Corporate Author Thesis  
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  Series Volume Series Issue Edition  
  ISSN 1572-3097 ISBN Medium  
  Area Expedition Conference  
  Notes Approved no  
  Call Number USI @ alberto.plazzi @ Serial 46109  
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Author Gandhi, P; Lustig, H; Plazzi, A url  openurl
  Title Equity Is Cheap for Large Financial Institutions Type Journal Article
  Year 2020 Publication The Review of Financial Studies Abbreviated Journal Rev Financ Stud  
  Volume 33 Issue 9 Pages 4231-4271  
  Keywords  
  Abstract Across a wide panel of countries, the top-10% of financial stocks on average account for over 20% of a country’s market capitalization but earn on average significantly lower returns than do nonfinancial firms of the same size and risk exposures. In a bailout-augmented, rare disasters asset pricing model, the spread in risk-adjusted returns between large and small institutions depends on country characteristics that determine the likelihood of bailouts. Consistent with this model, we find larger spreads in countries with large and interconnected financial sectors, weaker capital regulation and corporate governance, and fiscally stronger governments. Valuation gaps increase in anticipation of financial crises.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.  
  Address  
  Corporate Author Thesis  
  Publisher Place of Publication Editor  
  Language Summary Language Original Title  
  Series Editor Series Title Abbreviated Series Title  
  Series Volume Series Issue Edition  
  ISSN 0893-9454 ISBN Medium  
  Area Expedition Conference  
  Notes Approved no  
  Call Number USI @ alberto.plazzi @ Serial 46110  
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