Using confidential supervisory data on dealer-identified corporate bond trading, we examine how the Volcker rule affected the provision of liquidity. By exploiting the rule's underwriting exemption to identify the Volcker rule's effects separate from other post-crisis changes in regulation and...

While simpler than risk-based capital requirements, the leverage ratio may encourage bank risk-taking. This paper examines the activity of broker-dealers affiliated with bank holding companies (BHCs) and broker-dealers not affiliated with BHCs in the repurchase agreement (repo) market to test...

Using a novel within-dealer, within-security identification strategy, we examine intended and unintended effects of the Volcker rule on covered firms' corporate bond trading using dealer-identified regulatory data. We use the underwriting exemption to isolate the Volcker rule's effects separate...

Non-U.S. banks with relatively low capital ratios appear to temporarily remove an average of $170 billion from the U.S. market for tri-party repurchase agreements (repo) before each quarter-end in order to appear safer and less levered. This amount is more than double the $76 billion market-wide...

We present a novel method for identifying the effect of search costs, risk appetite, and skill in explaining the differences between core and periphery dealers in the U.S. corporate bond market. Using a hand-constructed dataset that matches the trading activity of credit dealers in corporate...

This paper examines the relationship between banks' observed credit default swap (CDS) spreads and possible measures of systemic importance. We use five-year CDS spreads from Markit with an international sample of 71 banks to investigate whether market participants are giving them a discount on...