Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision

We thank Philip Bond, Briana Chang, Edu Davila, Jesse Davis, Doug Diamond, Will Diamond, Darrell Duffie, Itay Goldstein, Sam Hanson, Ben Hebert, Ralph Koijen, Arvind Krishnamurthy, Wei Jiang, Dunhong Jin, Marcin Kacperczyk, Yueran Ma, Stefan Nagel, David Ng, Philipp Schnabl, Andrei Shleifer, Jeremy Stein, Adi Sunderam, Chaojun Wang, for detailed comments, and seminar and conference participants at Berkeley Haas, BIS, Chicago Booth, Columbia Business School, Cornell Johnson, Erasmus University, Financial Stability Board, Harvard Business School, IMF, McGill University, MIT Sloan, Nanyang Technological University, New York Fed, Princeton, Rochester Simon, Stanford GSB, Washington University in St. Louis Olin, Wharton, University College London, University of Hong Kong, University of Illinois Gies, University of Washington Foster, Yale SOM, AFA Annual Meeting, Cleveland Fed/ORF Financial Stability Conference, EFA Annual Meeting, Fed Board/Maryland Short Term Funding Market Conference, NBER Summer Institute Corporate Finance Meeting, RAPS/RCFS Bahamas Conference, WFA Annual Meeting, Virtual Asset Management Seminar, Virtual Finance Theory Seminar, and Yale Junior Finance Conference. Ding Ding, Naz Koont, and Yuming Yang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.