haku: @freeterm Stock brokers / yhteensä: 2
viite: 1 / 2
« edellinen | seuraava »
| Tekijä: | Hong, G. Warga, A. |
| Otsikko: | An empirical study of bond market transactions |
| Lehti: | Financial Analysts' Journal
2000 : MAR/APR, VOL. 56:2, p. 32-46 |
| Asiasana: | Stock markets Prices USA |
| Vapaa asiasana: | Stock brokers Bid-ask spreads |
| Kieli: | eng |
| Tiivistelmä: | Short histories of dealer-market and exchange-based bond transactions in machine-readable form have recently become available. They permitted to provide for the first time direct estimation of the effective bid-ask spread for corporate bonds in the institutional and retail markets. Overall, effective spreads is found for NYSE-traded corporate bonds to be similar to effective spreads for dealer-market transactions. Evidence is that corporate bond spreads have declined over time and that dealers carry out U.S. government bond trades with major institutional clients as a nonprofit service, perhaps to support other profitable activities. It is demonstrated in the paper that bid-ask spreads and the magnitude of price discrepancies btw. data sources are reliably associated with proxies for risk and liquidity. |
« edellinen | seuraava »
SCIMA