This table reports summary statistics for institutional prime MMFs in the 2020 and 2008 run samples. The crisis time is defined as the period from March 9 to March 20, 2020, for the 2020 run and September 10 to September 19, 2008, for the 2008 run. The normal time is defined as the 1-month period before the beginning of the crisis (i.e., February 6 to March 6, 2020, and August 10 to September 9, 2008). Fund AUM is a fund’s assets under management in millions. Daily percentage flow is the daily percentage change in fund AUM, winsorized at the 0.5

$$\%$$

and 99.5

$$\%$$

levels. WLA is the share of weekly liquid assets in total assets (expressed as a percentage), including cash, direct obligations of the U.S. government, certain securities issued by U.S. government instrumentalities with a remaining maturity date of 60 days or less, and securities that mature or are subject to a demand feature exercisable and payable within 5 business days. For the 2008 sample, WLA is estimated as the sum of assets maturing in 7 days, Treasury, and agency debt. DLA is the share of daily liquid assets in total assets (expressed as a percentage), including cash, direct obligations of the U.S. government, and securities that will mature or are subject to a demand feature that is exercisable and payable within 1 business day. NAV is the floating net asset value. Gross yield is a fund’s gross yield (i.e., before fees) in percentage points. Safe holdings include Treasury and agency debt, measured as share of fund AUM. Risky holdings include unsecured CP, ABCP, and CDs, measured as share of fund AUM. Expense ratio is a fund’s expense ratio in percentage points. Bank affiliated is a dummy variable equal to one if the fund is affiliated with a bank. Age is a fund’s age in years.