scholarly journals Illiquidity or Credit Deterioration: A Study of Liquidity in the US Corporate Bond Market during Financial Crises

2010 ◽  
Author(s):  
Nils Friewald ◽  
Rainer Jankowitsch ◽  
Marti G. Subrahmanyam
Keyword(s):  
Financial Crises ◽  
Bond Market ◽  
Corporate Bond ◽  
Corporate Bond Market ◽  
The Us

Credit Rating and Liquidity in the US Corporate Bond Market

2019 ◽  
Vol 28 (4) ◽  
pp. 46-59 ◽  
Author(s):  
Antonio Díaz ◽  
Ana Escribano
Keyword(s):  
Credit Rating ◽  
Bond Market ◽  
Corporate Bond ◽  
Corporate Bond Market ◽  
The Us

scholarly journals Impact of Readability on Corporate Bond Market

2019 ◽  
Vol 12 (4) ◽  
pp. 184 ◽  
Author(s):  
Jieyan Fang-Klingler
Keyword(s):  
Transaction Costs ◽  
Annual Report ◽  
Bond Market ◽  
Corporate Bond ◽  
Credit Spreads ◽  
Annual Reports ◽  
Corporate Bond Market ◽  
Market Participants ◽  
The Us ◽  
The Impact

This paper investigates the impact of annual report readability on the corporate bond market. My findings indicate that in the US corporate bond market, firms with less readable annual reports tend to have higher credit spreads, higher credit spread volatilities, higher transaction costs, higher transaction costs volatility, smaller trade size, higher number of trades and higher number of trades volatility. This paper also provides the first answers to the question as to whether annual report readability matters to international market participants in the corporate bond market. My findings provide evidence that in the EUR corporate bond market, firms with more readable annual reports are associated with lower credit spreads.

January sentiment effect in the US corporate bond market

2018 ◽  
Vol 10 (4) ◽  
pp. 370-386 ◽  
Author(s):  
Zhongdong Chen ◽  
Karen Ann Craig
Keyword(s):  
Fixed Effects ◽  
Investor Sentiment ◽  
Bond Market ◽  
Corporate Bond ◽  
Content Type ◽  
Corporate Bond Market ◽  
The Us ◽  
Bond Spreads ◽  
The Impact ◽  
Allocation Decisions

Purpose The purpose of this paper is to investigate the impact of January sentiment on investors’ asset allocation decisions in the US corporate bond market during the rest of the year. Specifically, the study evaluates if the shift in January sentiment is a predictor of corporate bond spreads from February to December. Design/methodology/approach Using corporate bond trades reported in TRACE between 2005 and 2014, the authors examine the ability of the Index of Consumer Sentiment and the Index of Investor Sentiment to predict bond spreads over the 11 months following January. The study evaluates both the sign of the change in sentiment and the magnitude of the change in sentiment using two generalized linear models, controlling for industry, bond and firm fixed effects. Portfolios are analyzed based on yield, firm size and firm leverage. Additional analysis is performed to ensure results are robust to the impacts of the subprime financial crisis. Findings This paper finds that the changes in the sentiment measures in January predict bond spreads associated with bond trades in the subsequent 11 months, and this phenomenon, which the authors label as the “January sentiment effect,” has opposing impacts on risky and less risky bond portfolios. Originality/value This paper adds to the literature on the relationship between sentiment and investor’s allocation decisions. The evidence documented in this study is the first known to find that investors’ allocation decisions in a year are driven by their sentiment in January.

THE COST OF DEALER SERVICES IN THE US CORPORATE BOND MARKET

1991 ◽  
Vol 18 (4) ◽  
pp. 483-495
Author(s):  
Gorpon V. Karels ◽  
Arun J. Prakash ◽  
Michael Smyser
Keyword(s):  
Bond Market ◽  
Corporate Bond ◽  
Corporate Bond Market ◽  
The Us ◽  
The Cost

The determinants of recovery rates in the US corporate bond market

2014 ◽  
Vol 114 (1) ◽  
pp. 155-177 ◽  
Author(s):  
Rainer Jankowitsch ◽  
Florian Nagler ◽  
Marti G. Subrahmanyam
Keyword(s):  
Bond Market ◽  
Corporate Bond ◽  
Recovery Rates ◽  
Corporate Bond Market ◽  
The Us
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