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 …

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 …

We examine the network of trading relationships between insurers and dealers in the over‐
the‐counter (OTC) corporate bond market. Regulatory data show that one‐third of insurers …

Exchange traded funds (ETFs) have a novel design that allows them to “open up” illiquid
markets hitherto resistant to index products. We demonstrate that such ETFs also have the …

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 …

We find dealer‐level evidence that recent regulation on the leverage ratio requirement
causes deviations from covered interest parity. Our analysis uses a unique data set of …

We use transaction-level data on the UK government bond, repo and interest-rate swap
markets to analyse market liquidity, investor behaviour and price dynamics during the …

I develop a search‐and‐bargaining model of endogenous intermediation in over‐the‐
counter markets. Unlike the existing work, my model allows for rich investor heterogeneity in …

Technology transformed the trading of financial assets but has been slower to come to
corporate bond trading. Combining proprietary data from MarketAxess with regulatory …