Table 12. Open in new tab Prime MMF...

Dependent variable: Daily fund percentage flow
Flow $$_{t-1}$$	0.236^***	0.217^***	0.163^***	0.215^***	0.102^*
	(0.055)	(0.052)	(0.044)	(0.058)	(0.050)
MMLF	0.864^**	–0.042		1.520^**
	(0.337)	(0.167)		(0.556)
Institutional		–1.295^***	–1.371^***
		(0.362)	(0.388)
MMLF $$\times$$ Institutional		1.638^***	1.704^***
		(0.504)	(0.540)
MMLF $$\times$$ WLA					–0.102^**
					(0.036)
Adj. $$R^2$$	.143	.159	.204	.137	.225
Obs.	1,154	1,154	1,154	647	647
Controls	Yes	Yes	Yes	Yes	Yes
Day FE			Yes		Yes

Dependent variable: Daily fund percentage flow
Flow $$_{t-1}$$	0.236^***	0.217^***	0.163^***	0.215^***	0.102^*
	(0.055)	(0.052)	(0.044)	(0.058)	(0.050)
MMLF	0.864^**	–0.042		1.520^**
	(0.337)	(0.167)		(0.556)
Institutional		–1.295^***	–1.371^***
		(0.362)	(0.388)
MMLF $$\times$$ Institutional		1.638^***	1.704^***
		(0.504)	(0.540)
MMLF $$\times$$ WLA					–0.102^**
					(0.036)
Adj. $$R^2$$	.143	.159	.204	.137	.225
Obs.	1,154	1,154	1,154	647	647
Controls	Yes	Yes	Yes	Yes	Yes
Day FE			Yes		Yes

Table 12.

Prime MMF flows around the launch of the MMLF

Dependent variable: Daily fund percentage flow
	All prime MMFs			Institutional prime
	(1)	(2)	(3)	(4)	(5)
Flow $$_{t-1}$$	0.236^***	0.217^***	0.163^***	0.215^***	0.102^*
	(0.055)	(0.052)	(0.044)	(0.058)	(0.050)
MMLF	0.864^**	–0.042		1.520^**
	(0.337)	(0.167)		(0.556)
Institutional		–1.295^***	–1.371^***
		(0.362)	(0.388)
MMLF $$\times$$ Institutional		1.638^***	1.704^***
		(0.504)	(0.540)
MMLF $$\times$$ WLA					–0.102^**
					(0.036)
Adj. $$R^2$$	.143	.159	.204	.137	.225
Obs.	1,154	1,154	1,154	647	647
Controls	Yes	Yes	Yes	Yes	Yes
Day FE			Yes		Yes

Dependent variable: Daily fund percentage flow
	All prime MMFs			Institutional prime
	(1)	(2)	(3)	(4)	(5)
Flow $$_{t-1}$$	0.236^***	0.217^***	0.163^***	0.215^***	0.102^*
	(0.055)	(0.052)	(0.044)	(0.058)	(0.050)
MMLF	0.864^**	–0.042		1.520^**
	(0.337)	(0.167)		(0.556)
Institutional		–1.295^***	–1.371^***
		(0.362)	(0.388)
MMLF $$\times$$ Institutional		1.638^***	1.704^***
		(0.504)	(0.540)
MMLF $$\times$$ WLA					–0.102^**
					(0.036)
Adj. $$R^2$$	.143	.159	.204	.137	.225
Obs.	1,154	1,154	1,154	647	647
Controls	Yes	Yes	Yes	Yes	Yes
Day FE			Yes		Yes

The daily sample goes from March 9, 2020, to April 3, 2020. Columns 1–3 include both retail and institutional prime MMFs, while columns 4 and 5 only institutional funds. The dependent variable is the daily percentage change in fund AUM on day

$$t$$

⁠, winsorized at the 0.5

$$\%$$

and 99.5

$$\%$$

levels.

$$Institutional$$

is a dummy equal to one for institutional prime funds.

$$MMLF$$

is a dummy equal to one from March 23 onward.

$$Flow_{t-1}$$

is the 1-day lag of the dependent variable. Controls are lagged variables including

$$WLA$$

⁠, abnormal yield (in excess of cross-sectional average), safe holdings (Treasury and agency debt as share of fund AUM), risky holdings (CP and CDs), logarithms of fund size, expense ratio, bank affiliation dummy, and fund age. Standard errors (in parentheses) are two-way clustered at the fund and day levels.

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