Transparency and Liquidity: A Controlled Experiment on Corporate Bonds

This article reports the results of an experiment designed to assess the impact of lastsale trade reporting on the liquidity of BBB corporate bonds. Overall, adding transparency has either a neutral or a positive effect on liquidity. Increased trans is not associated with greater trading volume. Exc...

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Veröffentlicht in:	The Review of financial studies 2007-03, Vol.20 (2), p.235-273
Hauptverfasser:	Goldstein, Michael A., Hotchkiss, Edith S., Sirri, Erik R.
Format:	Artikel
Sprache:	eng
Schlagworte:	Bond issues Bond markets Bond portfolios Bond principal Bond ratings Bonds Corporate bonds Corporate debt Cost estimates Cost reduction Costs Customers Experiments Financial bonds Financial portfolios High yield investments Liquidity Municipal bonds Prices Spread Studies Terms of trade Trade Trade volume
Online-Zugang:	Volltext
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