This research aims to look into the effect of COVID-19 on emerging stock markets in seven of
the Association of Southeast Asian Nations'(ASEAN-7) member countries from March 21 …

We propose an equilibrium corporate bond pricing model that accommodates the
heterogeneity in institutional investors' preferences and mandates in an empirically tractable …

Hedge fund gross US Treasury (UST) exposures doubled from 2018 to February 2020 to
$2.4 trillion, primarily driven by relative value arbitrage trading and supported by …

This paper examines dealers' secondary market trading in newly issued corporate bonds to
understand who gains from aftermarket sales to customers at higher prices. Retail investors …

We show that after the introduction of the leverage ratio constraints on bank-affiliated
dealers, bond mutual funds have engaged in more liquidity provision in investment-grade …

Postcrisis bank regulations raised market-making costs for bank-affiliated dealers. We show
that this can, somewhat surprisingly, improve overall investor welfare and reduce average …

We analyze how external and internal constraints impact arbitrageurs during market turmoil
by exploiting the 2020 Treasury market shock. Using hedge fund regulatory filings, we find …

Both the increased transparency and the institutionalization of the municipal bond market
have led to dramatic declines in the profits of underwriters, especially so for those whose …

Banks use trading as a vehicle to take risk. Using unique high-frequency regulatory data, we
estimate the sensitivity of weekly bank trading profits to aggregate equity, fixed-income …

This paper examines the incentives to voluntarily centrally-clear swaps. It exploits changes
resulting from a regulation mandating collateral on uncleared swaps to analyze …