This paper investigates whether bond fund managers with credit rating experience outperform their peers. We document that bond fund managers who previously worked in credit rat- ing agencies on average create higher risk-adjusted returns than their peers by 11-16 bps per month, with better...

We study the mandated introduction of a supervised auction for the primary bond market in China. The regulatory intervention significantly reduced the cost of debt for Chinese issuers. We show that the majority of the benefits flow from reduced agency conflict between underwriters and issuers....