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Stock Price Crashes

其他書名	Role of Slow-Moving Capital
出版	National Bureau of Economic Research, 2017
URL	http://books.google.com.hk/books?id=W4pz0AEACAAJ&hl=&source=gbs_api

註釋We study the role mutual funds play in the recovery from fast intraday crashes based on data from the National Stock Exchange of India for a single large stock. During normal times, trading activity and liquidity provision by mutual funds is negligible compared to other traders at around 4% of overall activity. Nevertheless, for the two intraday marketwide crashes in our sample, price recovery took place only after mutual funds moved in. Market stability may require the presence of well-capitalized standby liquidity providers for recovery from fast crashes.