We examine the effect of economic policy uncertainty on the relation between investment
and the cost of capital. Using the news-based index developed by Baker et al.(2016) for …

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 …

Focusing on downgrades as stress events that drive the selling of corporate bonds, we show
that the illiquidity of stressed bonds has increased after the Volcker Rule. Dealers regulated …

We investigate whether liquidity is an important price factor in the US corporate bond market.
In particular, we focus on whether liquidity effects are more pronounced in periods of …

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 …

Purpose This study aims to systematically review the literature in the fields of liquidity,
informational efficiency and default risk. The authors outline the key research streams and …

Corporate bond spreads are affected by both credit risk and liquidity and it is difficult to
disentangle the two factors empirically. In this paper we separate out the credit risk …

We examine the dynamic relation between credit risk and liquidity in the Italian sovereign
bond market during the eurozone crisis and the subsequent European Central Bank (ECB) …

Financial innovation through the creation of new markets and securities impacts related
markets as well, changing their efficiency, quality (pricing error), and liquidity. The credit …

Secondary market illiquidity is an important non-default factor affecting yield spreads. Yet, a
review of the literature suggests the findings are mixed, both regarding the relative size of …