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Common Fund Flows: Flow Hedging and Factor Pricing

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NBER2022-07-01 更新2025-01-04 收录
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Active equity funds care about fund size, affected by fund flows that obey a strong factor structure with the common component responding to macroeconomic shocks. Funds hedge against common flows by tilting their portfolios toward low-flow-beta stocks, while household/retail and index investors

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2022-07-01
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