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 a global panel of green and conventional corporate bonds to assess the borrowing
cost advantage at issuance for green bond issuers. We find that, on average, green …

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

The difference between corporate bond yields at issuance and in secondary markets, the
“issuance premium”, spikes in bad times, increasing firms' costs of capital. Leveraging new …

Mandated post-trade transparency in secondary markets lowers the cost of issuing corporate
bonds. We show that costs are lower due to the mitigation of information asymmetry in the …

Bond underwriters, lacking “Greenshoe options” and formal systems to track “flipping”
activity, have fewer tools than equity underwriters to manage secondary market order flow …

Using security-level bookbuilding data, we analyze the pricing and demand for green bond
offerings (GBOs) compared to their conventional counterparts. We show that greenium …

We examine the role of insurance companies as value investors in the corporate bond
market. We show that during the COVID-19 liquidity crisis, insurers acted as “buyers of last …

In this paper, we provide the first empirical evidence on corporate bond flipping. Analyzing
2002-2018 insurer trades, we estimate that flipping accounts for 30% of trading volume …

We empirically study how inventory constraints of underwriters affect corporate bond
offerings. Using underwriter-insurer-level transaction data, we find that a more constrained …