Abstract:
In the process of interest rate liberalization and the rapid development of Internet finance, great changes have taken place in the Chinese money market fund (MMF), the MMF market became more and more concentrated.Based on 2010-2016 years' money market fund data, this paper investigates the impact of money market fund market concentration on the risk taking of money market funds. This paper found that (1) the risk-taking of money market funds and market concentration is negatively related, and the risk-taking has nothing with heterogeneity, but loose monetary policy will lead to the incensement of fund risk-taking. (2) By using the difference-in-difference method, we found that internet-MMF take more risk than traditional MMF. (3)The scale-chasing of fund and the performance championships still make the money market fund taking more risk actively.
刘京军. 货币市场基金的市场集中度影响了其风险承担吗？[J]. 金融研究, 2018, 457(7): 90-107.
LIU Jingjun. Does the Market Concentration of MMF Affect Their Risk-taking？. Journal of Financial Research, 2018, 457(7): 90-107.
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