We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross … portfolio holdings to be at a given point in time. The perceived liquidity of speculative grade and Rule 144A bonds is …

Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield … large investment grade bond trades, relative to before the crisis, and are better for all bond types and trade sizes …

We explore the link between liquidity and investment in a an overlapping generation model with a standard … this asynchronicity, resulting in credit rationing and a net demand for stores of value -- liquidity -- by the corporate … sector. At the heart of the model is a distinction between inside liquidity -- liquidity created within the private sector …

corporate liquidity. These relations are more pronounced in larger, less risky firms whose debt is a closer substitute for … competition for Treasury securities. In concert, our results suggest that large, financially healthy corporations act as liquidity …

firms from bank liquidity shocks …In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit … more than long-term credit. Firms responded by cutting their short-term loans for liquidity management purposes and …

frictions regarding cross-asset segmentation. We find that actively-managed equity funds and corporate bond funds linked within … accentuate the importance of collaboration between equity funds and bond funds within fund families …

ratings are similar between the two sources of funding. As expected from theory, we find that the liquidity advantage of cov …

I propose an implementation of the q-theory of investment using bond prices instead of equity prices. Credit risk makes … corporate bond prices sensitive to future asset values, and q can be inferred from bond prices. The bond market's q performs …

We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by … focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their … allocations within the bond portfolios of US investors. Global factors, particularly the level of long-term US Treasury yields …

of bond and issuer controls, including bond liquidity and duration, and issuer fixed effects. This behavior is related to … important factor contributing to the credit cycle. This paper presents a detailed study of this phenomenon in the corporate bond …