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 …

Intermediary asset pricing understands asset prices and risk premia through the lens of
frictions in financial intermediation. Perhaps motivated by phenomena in the financial crisis …

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 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 …

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

We examine the extent to which institutional investors herd in the US corporate bond market
and the price impact of their herding behavior. We find that the level of institutional herding …

Using transaction data from the first half of 2020, we examine the reaction of corporate credit
spreads to the Federal Reserve's monetary policy announcements. We find evidence that …

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 …

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 …