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Georgia State University

1. Ren, Honglin. Mutual Fund Redemptions in Kind.

Degree: PhD, Finance, 2019, Georgia State University

Open-end mutual funds can use redemptions in kind to meet investor redemption requests by delivering securities held by the fund in lieu of cash. Such a tool can mitigate the need of asset fire sales while passing associated liquidation costs to the redeeming investor. Greater asset illiquidity, greater flow volatility, and younger funds are associated with a higher likelihood of funds utilizing redemptions in kind. Investors in illiquid funds with a greater likelihood of using redemptions in kind exhibit less run-like behavior. Redemptions in kind helps reduce the adverse effect of flow-induced pressure on stock performance and improve fund performance subsequent to extreme investor redemptions. Offsetting these benefits, redemptions in kind also reduces investors’ flow sensitivity to good performance. I find further evidence suggesting that, when redeeming in kind, funds deliver illiquid securities during periods when the market is illiquid and volatile. Advisors/Committee Members: Dr. Vikas Agarwal (Chair), Dr. Gerald D. Gay, Dr. Zhen Shi, Dr. Wei Jiang (External - Columbia Business School).

Subjects/Keywords: Redemptions in kind; mutual funds; liquidity management; asset illiquidity

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APA (6th Edition):

Ren, H. (2019). Mutual Fund Redemptions in Kind. (Doctoral Dissertation). Georgia State University. Retrieved from

Chicago Manual of Style (16th Edition):

Ren, Honglin. “Mutual Fund Redemptions in Kind.” 2019. Doctoral Dissertation, Georgia State University. Accessed August 24, 2019.

MLA Handbook (7th Edition):

Ren, Honglin. “Mutual Fund Redemptions in Kind.” 2019. Web. 24 Aug 2019.


Ren H. Mutual Fund Redemptions in Kind. [Internet] [Doctoral dissertation]. Georgia State University; 2019. [cited 2019 Aug 24]. Available from:

Council of Science Editors:

Ren H. Mutual Fund Redemptions in Kind. [Doctoral Dissertation]. Georgia State University; 2019. Available from: