Market Transparency, Liquidity Externalities, and Institutional Trading Costs in Corporate Bonds

@article{Bessembinder2006MarketTL,
  title={Market Transparency, Liquidity Externalities, and Institutional Trading Costs in Corporate Bonds},
  author={Hendrik (Hank) Bessembinder and William F. Maxwell and K. Venkataraman},
  journal={Journal of Financial Economics},
  year={2006},
  volume={82},
  pages={251-288}
}

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This paper reports the results of a unique experiment designed to assess the impact of last-sale trade reporting on the liquidity of BBB corporate bonds. We find that increased transparency has
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This paper reports the results of a unique experiment designed to assess the impact of last-sale trade reporting on the liquidity of BBB corporate bonds. We find that increased transparency has
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Using TRACE data - a complete record of all US OTC secondary trades in corporate bonds - we estimate average transaction cost as a function of trade size for each bond that traded more than nine
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Using a complete record of U.S. over-the-counter (OTC) secondary trades in corporate bonds, we estimate average transaction costs as a function of trade size for each bond that traded more than nine
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