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 …

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 …

The financial system has undergone far-reaching changes since the global financial crisis of
2008. We cast those changes in terms of shifts in the manner in which financial …

We estimate an equilibrium demand-based corporate bond pricing model linking
institutional holdings to bond characteristics. Our estimates show heterogeneity in demand …

Do regulations decrease dealer ability to intermediate trades? Using a unique dataset of
dealer-bond-level transactions, we link changes in liquidity of individual US corporate bonds …

We examine the effects of the 2021 Chinese cryptocurrency ban on several aspects of crypto
market quality, namely, prices, volatility, and liquidity. We find that average crypto prices …

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 …

Liquidity provision for corporate bonds has become significantly more expensive after the
2008 crisis. Using index exclusions as a natural experiment during which uninformed index …

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 …