Multimarket trading and corporate bond liquidity

被引：6

作者：

Petrasek, Lubomir ^{[1
]}

机构：

[1] Penn State Univ, Smeal Coll Business, University Pk, PA 16802 USA

来源：

JOURNAL OF BANKING & FINANCE | 2012年 / 36卷 / 07期

关键词：

Corporate bonds; Liquidity; International financial markets; YIELD SPREADS; RISK; ILLIQUIDITY; COSTS; DEBT;

D O I：

10.1016/j.jbankfin.2012.03.015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Global bonds are international securities traded and settled efficiently in multiple markets. This paper examines global bonds to evaluate the effects of multimarket trading on corporate bond liquidity and pricing. The results show that global bonds are significantly more liquid than similar-sized domestic bonds of the same issuers, and their liquidity advantage is reflected in higher market valuations. These findings support microstructure models that predict a positive relation between the number of potential investors and liquidity in over-the-counter markets, and help explain the increasing use of global bonds by corporate issuers. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：2110 / 2121

页数：12

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