Felix Suntheim's Books

Swing Pricing and Fragility in Open-end Mutual Funds

By: Dunhong Jin,Marcin Kacperczyk,Bige Kahraman,Felix Suntheim

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Swing Pricing and Fragility in Open-end Mutual Funds

By: Dunhong Jin,Marcin Kacperczyk,Bige Kahraman,Felix Suntheim

How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.

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International Monetary Fund

Published Date

ISBN 10

151351833X

ISBN 13

9781513518336

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

By: Mr.Frank Hespeler,Felix Suntheim

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The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

By: Mr.Frank Hespeler,Felix Suntheim

This note analyzes the stress experienced (and caused) by open-end mutual funds during the March COVID-19 stress episode, with a focus on global fixed-income funds. In light of increased valuation uncertainty, funds experienced a short period of intense withdrawals while the market liquidity of their holdings deteriorated substantially. To cover redemptions, afflicted funds predominantly shed liquid assets first—for example, cash, cash equivalents, and US Treasury securities. But forced asset sales amplified price pressures in markets and contributed to liquidity falling across fixed-income markets. This drop in market liquidity, as well as the general stress in financial markets, may have led to fund investors becoming even more sensitive to challenging portfolio performance and encouraged further withdrawals. Only after central banks intervened, directly and indirectly supporting asset managers, did liquidity and redemption stress subside. Overall, the March episode validated the financial-stability concerns about liquidity vulnerabilities in the fund industry and calls for further action to address them.

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International Monetary Fund

Published Date

ISBN 10

1513563696

ISBN 13

9781513563695

Firms’ Environmental Performance and the COVID-19 Crisis

By: Pierre Guérin,Felix Suntheim

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Firms’ Environmental Performance and the COVID-19 Crisis

By: Pierre Guérin,Felix Suntheim

The shutdown in economic activity due to the coronavirus disease (COVID-19) crisis has resulted in a short-term decline in global carbon emissions, but the long-term impact of the pandemic on the transition to a low-carbon economy is uncertain. Looking at previous episodes of financial and economic stress to draw implications for the current crisis, we find that tighter financial constraints and adverse economic conditions are generally detrimental to firms’ environmental performance, reducing green investments. The COVID-19 crisis could thus potentially slow down the transition to a low-carbon economy. In light of the urgent need to reduce global greenhouse gas emissions, these findings underline the importance of climate policies and green recovery packages to boost green investment and support the energy transition. Policies that support the sustainable finance sector, such as improved transparency and standardization, could further help mobilize green investments.

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International Monetary Fund

Published Date

ISBN 10

1513574493

ISBN 13

9781513574493

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

By: Mr.Frank Hespeler,Felix Suntheim

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The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

By: Mr.Frank Hespeler,Felix Suntheim

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International Monetary Fund

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ISBN 10

1513563696

ISBN 13

9781513563695

Swing Pricing and Fragility in Open-end Mutual Funds

By: Dunhong Jin,Marcin Kacperczyk,Bige Kahraman,Felix Suntheim

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Swing Pricing and Fragility in Open-end Mutual Funds

By: Dunhong Jin,Marcin Kacperczyk,Bige Kahraman,Felix Suntheim

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International Monetary Fund

Published Date

ISBN 10

1513519492

ISBN 13

9781513519494

Firms’ Environmental Performance and the COVID-19 Crisis

By: Pierre Guérin,Felix Suntheim

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Firms’ Environmental Performance and the COVID-19 Crisis

By: Pierre Guérin,Felix Suntheim

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International Monetary Fund

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ISBN 10

1513574493

ISBN 13

9781513574493

Strengthening the Climate Information Architecture

By: Caio Ferreira,Mr. David L Rozumek,Mr. Ranjit Singh,Felix Suntheim

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Strengthening the Climate Information Architecture

By: Caio Ferreira,Mr. David L Rozumek,Mr. Ranjit Singh,Felix Suntheim

Strengthening the climate information architecture is paramount to promote transparency and global comparability of data and thus improve market confidence, safeguard financial stability, and foster sustainable finance. This note provides a conceptual framework around the provision of climate-related information, discusses the progress made to date, and points toward the way forward. Progress and convergence are required on the three buildings blocks of a climate information architecture: (1) high-quality, reliable, and comparable data; (2) a globally harmonized and consistent set of climate disclosure standards; and (3) a globally agreed upon set of principles for climate finance taxonomies. A decisive, globally coordinated effort is needed to move forward on all three fronts.

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INTERNATIONAL MONETARY FUND

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ISBN 10

1513590790

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9781513590790

Book's by Felix Suntheim

Swing Pricing and Fragility in Open-end Mutual Funds

Swing Pricing and Fragility in Open-end Mutual Funds

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

Firms’ Environmental Performance and the COVID-19 Crisis

Firms’ Environmental Performance and the COVID-19 Crisis

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

The Behavior of Fixed-income Funds during COVID-19 Market Turmoil

Swing Pricing and Fragility in Open-end Mutual Funds

Swing Pricing and Fragility in Open-end Mutual Funds

Firms’ Environmental Performance and the COVID-19 Crisis

Firms’ Environmental Performance and the COVID-19 Crisis

Strengthening the Climate Information Architecture

Strengthening the Climate Information Architecture

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