shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show …

We document issuance overpricing of corporate debt securities in China, which contrasts with underpricing of equity and … debt securities in Western countries. The phenomenon in China is robust across subsamples of issuances with different … process in China’s market for corporate debt securities. The average overpricing dropped from 7.44 basis points to 2.41 basis …

We examine whether there is a flight-to-liquidity premium in Treasury bond prices by comparing them with prices of …

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

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 …

We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross …

We show that the US Debt/GDP ratio is negatively correlated with the spread between corporate bond yields and Treasury … bond yields. The result holds even when controlling for the default risk on corporate bonds. We argue that the corporate … bond spread reflects a convenience yield that investors attribute to Treasury debt. Changes in the supply of Treasury debt …