Automation versus Intermediation: Evidence from Treasuries Going Off the Run

By Michael J. Barclay, Terrence Hendershott, Kenneth Kotz. 2006

140 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/65143bdfb276219b30951be330dcc50453dd427b

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Amy K. Edwards
2. Lawrence E. Harris
3. Michael S. Piwowar

In Finance

1. Amy K. Edwards
2. Lawrence E. Harris
3. Michael S. Piwowar
4. Zhiguo He
5. Marti G. Subrahmanyam
6. R. Jankowitsch
7. Konstantin W. Milbradt
8. William F. Maxwell

Citations in the corpus

• Click or Call? Auction versus Search in the Over‐the‐Counter Market (2012, unknown): “Barclay, Hendershott, and Kotz (2006) study the venue choice for U.S. Treasury securities between a fully electronic limit order book and human voice broker intermediation.”
• Corporate Bond Market Transaction Costs and Transparency (2007, background): “However, the magnitude of the decline in the corporate bond market is much smaller than the decline in the Treasury market, where volume drops by 90% when a bond goes “off-the-run” (Barclay, Hendershott, and Kotz (2006)).”
• Finding a Good Price in Opaque Over-the-Counter Markets (2012, unknown): “Barclay, Hendershott, and Kotz (2006) finds that the market share of electronic intermediation falls from 81% to 12% when U.S. Treasury securities go off-the-run. contacts him for a second time.”