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 …

This article provides a critical appraisal of the March 2020 crisis in fixed income markets. We
synthesize the main events, characterize what appears to be an emerging consensus on …

In this bibliometric study, the significant transformations in the financial sector brought about
by automation and technological advancements from 1984 to 2022 are explored. A total of …

Against the backdrop of COVID-19, we study how the interactions of mutual funds and
dealers introduce fragility to the municipal bond market and induce lasting market impacts …

In traditional over-the-counter markets, investors trade bilaterally through intermediaries. We
assess whether and how to shift trades on a centralized platform with trade-level data on the …

We analyze the run risk of USD-backed stablecoins. Stablecoin issuers aim to keep the
stablecoin price at $1 by holding a portfolio of US dollar assets like bank deposits …

On many important multi-dealer platforms, customers mostly request quotes from very few
dealers. I build a model of multi-dealer platforms, where dealers strategically choose to …

Using comprehensive data on US corporate bond trades since 2002, we find evidence that
retail bond investors overrely on untimely credit ratings to their financial detriment …

In over-the-counter (OTC) markets, customers search for counterparties. Little is known
about this process, however, because existing data is comprised of transaction records …

We examine portfolio trading and its impact on corporate bond liquidity. Our theoretical
framework identifies how portfolio trades provide dealers with benefits through a …