During decade of market development, the Association of Southeast Asian Nations (ASEAN) financial markets seem to be increasingly integrated into the regional and global markets. The aim of this study is to explore and measure the strength and direction of bond market connectedness between...

I examine the effects of transparency in the secondary market on the capital structure of firms. To identify it, I rely on a quasi-experiment in which the 2002 regulations of TRACE mandated the public dissemination of post-trade pricing and volume information for corporate bonds. Dissemination...

Utilizing the Trade Reporting and Compliance Engine (TRACE) setting as an exogenous shock to bond market transparency, we find that improved bond market transparency leads to lower crash risk in the stock market, consistent with increased information spillover from the bond market into the stock...

Bonds are debt securities issued by debtors to creditors. In short, bonds are debt securities that can be purchased and the buyer will benefit in the form of interest later. The bonds contain the due date for payment of debt and interest. The interest on a bond is called a coupon. Coupons must...

We show that mutual funds with a large share of a bond issue sell their holdings of that issue to a lower extent when they experience redemptions, arguably because they attempt to avoid a drop in the bond price and the consequent negative feedback effects on the unsold part of their position....