An Empirical Study of Bond Market Transactions

By Gwangheon Hong, Arthur D. Warga. 2000

335 citations recorded by the source corpus.

Subfields: Finance

View Paper: https://www.semanticscholar.org/paper/b6df0942d8cecc9f584e15c99ce013ef85a3259f

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Citations in the corpus

The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market $ (2008, neutral): “Bond trading literature suggests that corporate bonds are more actively traded following issuance and tend to become less liquid with age (Nunn et al., 1986; Sarig and Warga, 1989; Alexander et al., 2000; Hong and Warga, 2000; Chakravarty and Sarkar, 2003).”
Stock and bond market interaction: Does momentum spill over? (2005, positive): “Hong and Warga (2000) find that the bid prices contained in the LBFI database correspond closely with”
Secondary Trading Costs in the Municipal Bond Market (2006, background): “Chakravarty and Sarkar (2003) and Hong and Warga (2000) calculate a “realized bid-ask spread per-bond-per-day” as the difference between the average sale price of a bond and the average purchase price of a bond on a particular day.”
Regulatory Pressure and Fire Sales in the Corporate Bond Market (2011, neutral): “36 See also Hong and Warga (2000) and Schultz (2001).”
Trading Costs in Three U.S. Bond Markets (2003, background): “3 In related work, Hong and Warga [2000] and Schultz [2001] use the same data set we do, but they do not study municipal bonds or compare trading costs across markets.4 Hong and Warga [2000] use a methodology similar to ours to estimate the bid-ask spread and its determinants, and compare dealer and”
The determinants of trading volume of high-yield corporate bonds☆ (2000, result): “The hypothesis is also supported by recent bid}ask spread studies (e.g., Chakravarty and Sarkar, 1999; Hong and Warga, 1998; Schultz, 1998).”
Dealer balance sheets and bond liquidity provision (2016, neutral): “In contrast, Trebbi and Xiao (2015) find that post-crisis U.”
Financial Intermediation and the Costs of Trading in an Opaque Market (2005, background): “Exceptions are studies by Hong and Warga (2000), Schultz (2001), and Chakravarty and Sarkar (1999).”
Beating Earnings Benchmarks and the Cost of Debt (2008, background): “Insurance companies hold about one-third of the outstanding U.S. corporate bonds (Campbell and Taksler 2003), and their transactions represent at least one-quarter of all transactions in the corporate bond market (Hong and Warga 2000).”
The Informational Role of Bond Analysts (2009, neutral): “Schultz (2001), Hong and Warga (2000), and Campbell and Taksler (2003) estimate that insurance companies hold between 30% and 40% of corporate bonds.”
Illiquidity or Credit Deterioration: A Study of Liquidity in the US Corporate Bond Market during Financial Crises (2012, background): “1”
The Same Bond at Different Prices: Identifying Search Frictions and Selling Pressures (2012, positive): “However, yield spreads are typically positive, also at very short maturities, and this has given rise to the ”credit spread puzzle”, namely that corporate yield spreads, particularly at very short maturities, are too high to be explained by the corporate bond issuer’s default risk (see for example H”
Corporate Bond Market Transaction Costs and Transparency (2007, methodology): “Some studies find that higher credit risk is linked to higher transaction costs (Harris and Piwowar (2006), Chakravarty and Sarkar (2003), and Hong and Warga (2000)); Schultz (2001) does not find a relation between credit risk and transaction costs.”