| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10446 |
| DP10446 Insider Trading in the Bond Market: Evidence from Loan Sale Events | |
| Massimo Massa | |
| 发表日期 | 2015-03-01 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We investigate the pricing implications of the parallel trading of loans and bonds of the same firm. We show that loan, by making lenders share sensitive information about the borrower with the loan market participants, lower the information advantage of the asset managers affiliated to the lender who respond by reducing their stake in the bonds of the firm whose loans are sold, independently of considerations about the future firm value. This reduces information asymmetry in the bond market and improves its liquidity. This provides the first evidence of a direct informational link between the loan and bond secondary markets. |
| 主题 | Financial Economics |
| 关键词 | Corporate bonds Information asymmetry Loan trading |
| URL | https://cepr.org/publications/dp10446 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539278 |
| 推荐引用方式 GB/T 7714 | Massimo Massa. DP10446 Insider Trading in the Bond Market: Evidence from Loan Sale Events. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Massimo Massa]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Massimo Massa]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Massimo Massa]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
