Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 266

The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.

Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity

Open access
Ma, Yiming, Xiao, Kairong, Zeng, Yao·2022·The Review of Financial Studies
DOI 10.1093/rfs/hhac007
Open this paper in CoChat — free account

Abstract

We identify fixed-income mutual funds as an important contributor to the unusually high selling pressure in liquid asset markets during the COVID-19 crisis. We show that mutual funds experienced pronounced investor outflows amplified by their liquidity transformation. In meeting redemptions, funds followed a pecking order by first selling their liquid assets, including Treasuries and high-quality corporate bonds, which generated the most concentrated selling pressure in these markets. Overall, the estimated price impact of mutual funds was sizable at a third of the increase in Treasury yields and a quarter of the increase in corporate bond yields during the COVID-19 crisis.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1093/rfs/hhac007

Cites

28 of 28 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 28 references

Cited by

See all 266

Metadata

Authors
Ma, Y., Xiao, K., & Zeng, Y.
Venue
The Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2022-02-09
Volume
35
Issue
10
Pages
4674-4711
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhac007
OpenAlex
W4210397702
Cited by
266
References
28
FWCI
31.55
Type
journal article
Language
en
Open access
green

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity. https://app.cochat.ai/papers/10.1093/rfs/hhac007
The paper
Ma, Y., Xiao, K., & Zeng, Y. (2022). Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity. The Review of Financial Studies. https://doi.org/10.1093/rfs/hhac007

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.