| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19417 |
| 来源ID | Working Paper 19417 |
| The Effects of Mandatory Transparency in Financial Market Design: Evidence from the Corporate Bond Market | |
| Paul Asquith; Thom Covert; Parag Pathak | |
| 发表日期 | 2013-09-12 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | In July 2002, FINRA began mandatory dissemination of price and volume information for corporate bond trades. This paper, using recently released data, measures transparency’s effect on trading activity and costs for the entire corporate bond market. Even though trading costs decrease significantly across all types of bonds, trading activity does not increase and, by one measure, decreases. Transparency affects high-yield bonds differently than investment grade bonds. High-yield bonds have the largest decrease in trading activity, 71.1%, and in trading costs, 22.9%. High-yield bonds also disproportionately contribute to the estimated reduction in total trading costs of $600 million a year. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Financial Economics ; Financial Markets ; Industrial Organization ; Regulatory Economics |
| URL | https://www.nber.org/papers/w19417 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577093 |
| 推荐引用方式 GB/T 7714 | Paul Asquith,Thom Covert,Parag Pathak. The Effects of Mandatory Transparency in Financial Market Design: Evidence from the Corporate Bond Market. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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