TY - BOOK ID - 85502402 TI - On Swing Pricing and Systemic Risk Mitigation AU - Malik, Sheheryar. AU - Lindner, Peter. PY - 2017 SN - 1484311914 1484311876 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Finance: General KW - Financial Risk Management KW - Public Finance KW - Model Construction and Estimation KW - Quantitative Policy Modeling KW - Financial Crises KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - General Financial Markets: Government Policy and Regulation KW - Financing Policy KW - Financial Risk and Risk Management KW - Capital and Ownership Structure KW - Value of Firms KW - Goodwill KW - International Financial Markets KW - Taxation, Subsidies, and Revenue: General KW - Portfolio Choice KW - Investment Decisions KW - Finance KW - Financial services law & regulation KW - Public finance & taxation KW - Systemic risk KW - Liquidity risk KW - Asset management KW - Risk mitigation in revenue administration KW - Liquidity management KW - Financial sector policy and analysis KW - Financial regulation and supervision KW - Asset and liability management KW - Revenue administration KW - Financial risk management KW - Asset-liability management KW - Liquidity KW - Economics KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:85502402 AB - Swing pricing allows a fund manager to transfer to redeeming or subscribing investors the costs associated with their trading activity, thus potentially discouraging large flows. This liquidity management tool, which is already used in major jurisdictions, may also help mitigate systemic risk. Here we develop and apply a methodology to investigate whether swing pricing does in fact help dampen flows out of funds, especially during periods of market stress. Drawing on evidence of first-mover advantage within a group of ‘swinging’ corporate bond funds, we provide policy considerations for enhancing the tool’s effectiveness as a systemic risk mitigant. ER -