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 …

This paper uses the factor augmented regression framework to analyze the relation between bond excess returns and the … statistically significant predictive power for excess bond returns. We show how a bias correction to the parameter estimates of … real activity for excess bond returns is robust even after accounting for finite sample inference problems. Forecasts of …

In contrast to bonds, levered loans do not require SEC registration. We show that this distinction plays an important … role in firms' choice between funding through loans and bonds and helps understand why the market share of cov-lite loans … has increased so much. Compared to cov-heavy loans, cov-lite loans are close substitutes for bonds in that they have …

We examine whether there is a flight-to-liquidity premium in Treasury bond prices by comparing them with prices of … bonds issued by Refcorp, a U.S. Government agency, which are guaranteed by the Treasury. We find a large liquidity premium … in Treasury bonds, which can be more than fifteen percent of the value of some Treasury bonds. This liquidity premium is …

important factor contributing to the credit cycle. This paper presents a detailed study of this phenomenon in the corporate bond … market. We show that insurance companies, the largest institutional holders of corporate bonds, reach for yield in choosing … their investments. Consistent with lower rated bonds bearing higher capital requirement, insurance firms' prefer to hold …

Despite common wisdom that equities and bonds are segmented, the organization structure of fund families can offset … frictions regarding cross-asset segmentation. We find that actively-managed equity funds and corporate bond funds linked within … a mutual fund family exhibit a significant co-movement in holdings of commonly-held firms' equities and bonds. Such …