The growth of the European financial markets, together with the new, stricter regulations on the U.S. financial markets, has spurred a debate over the competitiveness of the U.S. financial markets. In this paper, we contribute to this debate by investigating the relative competitiveness of the...

We analyze the price and liquidity effects in the U.S. corporate bond market caused by the Covid-19 crisis. We carefully consider the different impact of social distancing measures on firms. We find significant cross-sectional differences, i.e., bonds of firms that are more affected by these...