This article examines market liquidity in the postcrisis era in light of concerns that regulatory
changes might have reduced dealers' ability and willingness to make markets. We begin …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

We examine the microstructure of liquidity provision in the COVID-19 corporate bond
liquidity crisis. During the two weeks leading up to Federal Reserve System interventions …

Recent studies document strong empirical support for multifactor models that aim to explain
the cross-sectional variation in corporate bond expected excess returns. We revisit these …

We study liquidity conditions in the corporate bond market during the COVID-19 pandemic.
We document that the cost of trading immediately via risky-principal trades dramatically …

We study trading costs and dealer behavior in US corporate bond markets from 2006 to
2016. Despite a temporary spike during the financial crisis, average trade execution costs …

Using distinct features of corporate bond exchange-traded funds (ETFs), I find that financial
innovation has a significant and long-term positive valuation impact on the systemically …

In this article, we survey the literature that studies fixed-income trading rules and outcomes,
including Treasury securities, corporate and municipal bonds, and structured credit …

We examine market making behavior of dealers for 55,988 corporate bonds, many of which
trade infrequently. Dealers have a substantially higher propensity to offset trades within the …

The convention when calculating corporate bond trading costs is to estimate bid–ask
spreads that customers pay, implicitly assuming that dealers always provide liquidity to …