Pinter, Gabor; Uslu, Semih - 2022
government and corporate bond markets. Using transaction‑level data from the UK, we identify a set of clients who are active in … bond market, while trading delays are more severe in the corporate bond market. We find that the welfare loss from … frictions in the government and corporate bond markets are 7.8% and 12.2%, respectively, and our decomposition implies that this …
