Journal Article
Market returns and mutual fund flows
Remolona, Eli M.; Kleiman, Paul; Gruenstein, Debbie (1997-07)
With the increased popularity of mutual funds come increased concerns. Namely, could a sharp drop in stock and bond prices set off a cascade of redemptions by mutual fund investors and could the redemptions exert further downward pressure on asset markets? The authors analyze this relationship by using instrumental variables--a measuring technique previously unapplied to market returns and mutual fund flows--to determine the effect of returns on flows. Despite market observers' fears of a downward spiral in asset prices, the authors conclude that the short-term effect of market returns on ...
Economic Policy Review , Volume 3 , Issue Jul , Pages 33-52

Journal Article
Understanding aggregate default rates of high yield bonds
Helwege, Jean; Kleiman, Paul (1996-05)
The New York-New Jersey region's hard-earned recovery in employment is being overshadowed by ongoing job losses in certain sectors and the prospect of moderating growth in the United States as a whole. Fortunately, several positive trends are bolstering the region's employment picture. Strength in the services sector, a falloff in restructuring, and gains in income point to continuing--though modest--regional job growth in 1996.
Current Issues in Economics and Finance , Volume 2 , Issue May