| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12246 |
| DP12246 Dealer Balance Sheets and Bond Liquidity Provision | |
| Tobias Adrian; Nina Boyarchenko; Or Shachar | |
| 发表日期 | 2017-08-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Do regulations decrease dealer ability to intermediate trades? Using a unique dataset of dealer-bond-level transactions, we link changes in liquidity of individual U.S. corporate bonds to dealers' transaction activity and balance sheet constraints. We show that, prior to the financial crisis, bonds traded by more levered institutions and institutions with investment bank like characteristics were more liquid but this relationship reverses after the financial crisis. In addition, institutions that face more regulations after the crisis both reduce their overall volume of trade and have less ability to intermediate customer trades. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp12246 |
| 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/541057 |
| 推荐引用方式 GB/T 7714 | Tobias Adrian,Nina Boyarchenko,Or Shachar. DP12246 Dealer Balance Sheets and Bond Liquidity Provision. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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