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Improvements in secondary market liquidity lower the cost of debt for corporate issuers, as shown for the SEC Rule 144A change in 2020.
Working Paper, 2025.
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Issuers do not exercise embedded bond call options timely. Following such missed call opportunities, the bond value increases.
Financial Management, 2025.
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The float of convertibles bonds induces stronger co-movement between corporate bond and equity prices.
Working Paper, 2025.
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A novel corporate bond transaction costs analysis determines which systematic bond strategies remain profitable when fund size increases.
Financial Analysts Journal, 2024.
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Among the two primary liquidity providers in OTC corporate bond trading—dealers and institutional investors—the latter are more exposed to adverse selection.
Journal of Financial Markets, 2024.
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The paths that researchers choose for analysis are a source of an additional sizable error: non-standard error.
Journal of Finance, 2024.
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Two presently similarly liquid bonds will be priced differently depending on how liquidity evolved in the past.
Finance Research Letters, 2024.
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The part of credit risk premium orthogonal to the state of the economy predicts bond market returns better than the risk premium itself.
Working Paper, 2017.
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