investors lack the basic tools for evaluating more complex structures and liquidity costs; this, in turn, leaves room for …

This paper studies how over-the-counter market liquidity is affected by securities lending. We combine micro-data on … program in 2008 caused a statistically and economically significant reduction in the market liquidity of corporate bonds … predominantly held by AIG. We also show that an important mechanism behind the decrease in corporate bond liquidity was a shift …

This paper studies how over-the-counter (OTC) market liquidity was adversely affected by the collapse of securities … on corporate bond market liquidity. We show that the collapse of AIG's securities lending programs in 2008 caused a … substantial and long-lasting reduction in the market liquidity of the corporate bonds that were predominantly held by AIG, even …

I show that if dealers are averse to holding inventory, then prices, liquidity, and dealers' inventory positions depend …

This paper studies how over-the-counter market liquidity is affected by securities lending. We combine micro-data on … program in 2008 caused a statistically and economically significant reduction in the market liquidity of corporate bonds … predominantly held by AIG. We also show that an important mechanism behind the decrease in corporate bond liquidity was a shift …

construct an endogenous measureof systemic, non-diversi able risk capturing the cross-sectional liquidity-risk mismatch ….Consistent with the model predictions, we find that liquidity mismatch positivelypredicts prices in the D2D market whereas the cross …

The recent rise of excess liquidity in the United States and in the euro zone did not result in a resurgence of … inflation. Excess liquidity, rather than heading towards the market of consumer goods, could have moved towards the asset … Kingdom and Japan, there's no element pointing out an effect of excess liquidity on asset prices: there is no common trend in …