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UID:20260424T164251EDT-5441Sco442@132.216.98.100
DTSTAMP:20260424T204251Z
DESCRIPTION:Aleksandar Andonov\n\nUniversity of Amsterdam\n\nWhen Cash Flow
 s Turn Negative: Liquidity-Driven Selling by Pension Funds \n\nDate: Frida
 y\, April 24\, 2026\n	Time: 10:30-11:45 am\n	Location: Armstrong Bldg\, Room
  255\n\nAll are cordially invited to attend.\n\nAbstract:\n\nU.S. public p
 ension funds increasingly face negative net operating cash flows as benefi
 t payments exceed contributions. We study how these funds incorporate cash
  flows into their asset allocation and investment decisions using aggregat
 e pension fund data and granular holdings data obtained through FOIA reque
 sts. While asset allocation models predict that investors should accommoda
 te negative cash flows by adopting more conservative portfolios\, we show 
 empirically that target allocations are independent of cash flows. Instead
 \, negative cash flows make pension funds predictable net sellers and liqu
 idity demanders in financial markets. Pension funds accommodate predictabl
 e negative cash flows by selling both fixed income and equities\, but they
  meet negative cash flow shocks primarily by liquidating equities. At the 
 security level\, pension funds sell across equities and do not follow a li
 quid-assets-first approach. Pension funds more exposed to alternatives rel
 y disproportionately on equity sales to meet liquidity needs. These liquid
 ity-driven equity sales occur even during periods of negative equity retur
 ns\, which confirms that liquidity sales are separate from portfolio rebal
 ancing. Our findings thus reject the view of pension funds as liquidity pr
 oviders in financial markets.\n
DTSTART:20260424T143000Z
DTEND:20260424T154500Z
LOCATION:Room 255\, Donald E. Armstrong Building\, CA\, QC\, Montreal\, H3A
  3L1\, 3420 rue McTavish
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Aleksanda
 r Andonov 
URL:/bensadoun-school/channels/event/desmarais-global-
 finance-research-centre-dgfrc-seminar-aleksandar-andonov-372626
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