This paper provides a thorough review of the liquidity measures that are used in the
empirical literature to measure liquidity. A wide range of papers have emphasized its role …

In this study, we investigate whether investors are willing to trade off wealth for societal
benefits. We take advantage of unique institutional features of the municipal securities …

We examine how local newspaper closures affect public finance outcomes for local
governments. Following a newspaper closure, municipal borrowing costs increase by 5–11 …

We propose a market‐wide liquidity measure by exploiting the connection between the
amount of arbitrage capital in the market and observed “noise” in US Treasury bonds—the …

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 the literature, there is no consensus on a common approach to measure bond liquidity.
This paper is the first to comprehensively compare all commonly employed liquidity …

In this paper, we demonstrate that the funding value adjustments (FVAs) of major dealers
are debt overhang costs to their shareholders. To maximize shareholder value, dealer …

This paper examines the pricing of municipal bonds. I use three distinct, complementary
approaches to decompose municipal bond spreads into default and liquidity components …

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 …

This paper examines the impact of central clearing on the credit default swap (CDS) market
using a sample of voluntarily cleared single-name contracts. Consistent with central clearing …