{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,20]],"date-time":"2026-10-20T15:41:28Z","timestamp":1792510888550,"version":"4.5.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>This paper documents that corporate bonds simultaneously held in large proportions by multiple mutual funds exhibit greater price fragility, particularly during periods of financial turmoil. We provide evidence that this relationship is consistent with strategic interactions among large holders arising from the potential non-fundamental price impact of their trades. During financial turmoil, the presence of other large holders weakens the focal large-ownership fund's incentive to internalize the price impact of its own trading, leading to more aggressive proportional selling. This effect is more pronounced when other large holders are more likely to demand liquidity and when their portfolios are less similar to the focal fund's portfolio. We further find that selling pressure originating from funds with multiple large-ownership positions generates adverse performance spillovers to other funds through common bond holdings.<\/jats:p>","DOI":"10.2139\/ssrn.7634698","type":"posted-content","created":{"date-parts":[[2026,10,20]],"date-time":"2026-10-20T14:54:52Z","timestamp":1792508092000},"source":"Crossref","is-referenced-by-count":0,"title":["Multiple large ownership and corporate bond fragility: Evidence from corporate bond mutual funds"],"prefix":"10.2139","author":[{"given":"Jiaxun","family":"Song","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,20]],"date-time":"2026-10-20T14:54:52Z","timestamp":1792508092000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7634698"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7634698","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}